2nd Home Markets: Still Sinking
The latest S&P/Case-Shiller home-price indexes, via the Wall Street Journal: "Las Vegas and Miami were again the weakest markets over the past year, posting 26.8% and 26.7% drops, respectively. Las Vegas and Miami were the weakest markets each of the other months this year. S&P noted that the two markets saw some of the fastest growth in the 2004/2005 periods, with annual growth rates surging above 53% and 32%, respectively.
Also plunging: Phoenix, San Diego, San Francisco, Los Angeles. Pied-a-terre bargain hunters, investors -- time to shop or time to wait for sinkholes to deepen?