Home prices continue to decline at a steep rate. This morning July 29, 2008 the Case Schiller Index was just issued this morning and the index for May has dropped again another 15.87% compared to last year. The narrower Index of just 10 cities fell to a 16.9% which is the biggest decline in price in the Case Schiller's 20 year history. Prices of the 20 out of 20 cities in the index declined. The case Schiller index is an index of single family home prices based on 20 markets in the USA, and covers 9 census divisions. The problem areas, the ones that saw the most run up in prices continue to be the hardest impacted. This decline also keeps buyers on the sidelines, because it is basically a predictor of price. A buyer assumes why buy if home prices are going to continue a decline. The steepest declines reported were in Las Vegas and Miami where a prices dropped over a 28% in a month. 10 cities in the index saw a double digit drop in home prices.
RE/MAX Paramount Properties 678-595-5283 Direct
Or 888-940-0074 Toll Free Office
Atlanta Real Estate Agents, Alpharetta GA Homes for Sale, Dunwoody GA Homes for Sale, Atlanta Real Estate & Atlanta Homes for Sale 
Gwinnett Homes for Sale
Atlanta Real Estate Blog, Cumming GA Homes 
The results are a bit skewed, insomuch as they are a snapshot of many overly inflated markets (California, Florida, Virginia, Maryland, New York). For those markets that did not experience such euphoria, such as Atlanta, the drop is mild at best.
It is skewed. Unfortunately Cas Shiller is the one that grabs the headlines...leading to more drops in price as buyers wait on the sidelines.
Stephen Graham (Associate Broker) Buyer's Agent (Realty Professionals, Inc. - Atlanta, GA Georgia) The problem in Atlanta will not be the price run ups but the in ability to get rid of all the foreclosures. Foreclosure filings per month here are almost exceeding sales 2 to 1. The accesses to ez credit and no money down will be out undoing.
Anonymous. I disagree. It shows trends. These trends are from May. Buyers have a right to be informed on pricing, and price trends. Why should a buyer risk their funds?
Jim - yes, those foreclosures need to be absorbed; although, they don't seem to be too much of a problem in certain sought after areas.
Stephen Graham (Associate Broker) Buyer's Agent (Realty Professionals, Inc. - Atlanta, GA Georgia) There aren't too many foreclosures in the Alpharetta area.
Case-Schiller uses same property sales for their numbers. The homes that sold at the peak, 2 years ago, went to the last few "greater fools" who thought that real estate always appreciates, no matter what.
Many of those people used "liar loans" with 100% LTV and never had any personal investment in the property, or ability to make their payments. It didn't matter to them that they were paying 20% more than the fundamentals would support. Those are now coming back as foreclosures and selling at 50% to 70% of their previous inflated prices.
These numbers aren't going to look any better until all the foreclosures get worked through the system.
Vicki Lloyd ~ MBA, ACRE, e-PRO, Realtor Lake Forest, California (The Real Estate Professionals) Vicki I agree...we are looking at the tabulations of bottom feeders right now.