Home prices fell in 19 of 20 major metropolitan markets. The S&P Case/Shiller Home Price Index of prices in major cities showed decreases in all areas except Charlotte, which saw a 1.8 percent increase in January.
Las Vegas, Miami, Phoenix, and Los Angeles fared the worst in 2007. Prices in both Miami and Las Vegas slid by a record 19.3 percent, while Phoenix saw a decline in prices of 18.2 percent. Prices in Los Angeles were down by 16.5 percent.
These markets saw the most speculative buyers, which led to a large jump in prices prior to 2007. However, as sentiment in the housing sector dampened, many investors were unable to sell their properties, leading to a huge increase in the inventory of homes on the market in these markets.
Cities that fared better in 2007 include Portland, which saw prices decline by just 0.5 percent, Seattle, with a decline of 1.3 percent, and Dallas, where prices were down 3.3 percent.
Chicago ranked 11th of the 20 cities measured by the index. Prices fell by 6.6 percent across the metropolitan region from January 2006 to January 2007. Buyers are starting to see great prices for Chicago Homes For Sale in many neighborhoods around the city.
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