By Real Estate Advisor

The Standard & Poor’s/Case-Shiller U.S. National Home Price Index posted a record annual decline of 3.2% in the home price growth rate. The data from the revised results for the 2nd quarter of 2007, published in June, reveal a declining growth rate in the prices of single family homes in most of the top 20 metro areas indices. The S & P/Case-Shiller Home Price Index tracks the value of typical single-family homes in the U.S. for the 20 U.S. metropolitan areas listed below.

This year’s 2nd quarter results are the lowest of price declines in the 20-year history of the National Home Price Index. According to Robert J. Shiller, Chief Economist at MacroMarkets LLC, the June revised data of June shows the declining annual growth rate in 17 of the 20 metro areas, adding two more metros from what was reported in May.

Out of the 17 metro areas that registered a year-over-year home price decline, Detroit had the maximum growth rate decline of 11%. Of the metros that have registered price gains, Seattle stood at the top spot with 7.9% price growth, followed by Charlotte with 6.8% and Portland with 4.5% price growth since last year.

Boston had improved its annual rate of price decline slightly in June to -3.9% from -4.3% reported in May. This is significant given the fact that Boston was the first metro area to go overboard, being the first to report a negative year-over-year growth rate.

The following are the revised results of June 2007 showing the percent of change in home values over the last year for the top 20 metropolitan areas.

1.

Atlanta: 1.6 percent

2.

Boston: -3.7 percent

3.

Charlotte: 6.8 percent

4.

Chicago: -0.7 percent

5.

Cleveland: -3.6 percent

6.

Dallas: 1.6 percent

7.

Denver: -1.0 percent

8.

Detroit: -11.0 percent

9.

Las Vegas: -5.1 percent

10.

Los Angeles: -4.1 percent

11.

Miami: -4.8 percent

12.

Minneapolis: -3.8 percent

13.

New York: -3.4 percent

14.

Phoenix: -6.6 percent

15.

Portland: 4.5 percent

16.

San Diego: -7.3 percent

17.

San Francisco: -4.0 percent

18.

Seattle: 7.9 percent

19.

Tampa: -7.7 percent

20.

Washington, D.C.: -7.0 percent

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Source:

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