The S&P/Case-Shiller report for October came out and showed the twenty metropolitan areas it covers combined declined 6.1% year over year. 10 metro areas combined for a 6.7% drop, a new record. 11 of the 20 showed record low growth rates. The index has fallen every month this year.
The report showed that Florida, represented by Miami and Tampa, led the nation in decreasing prices. Miami and Tampa are the only two metro areas included in the report. Miami was the biggest "loser" with a drop of 12.4%, with Tampa coming in second place with 11.8%.
Others in the double digits included Detroit with 11.2% and San Diego with 11.1%. San Diego did come in as the biggest loser from the previous month, showing a 2.6% decline in prices from September.
Is there any area where prices are gaining?
Yes, real estate has always been "local", so there are areas seeing growth. According to the report, Charlotte, NC, Portland, Or, and Seattle, WA are seeing year over year gains.
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