City by city data for US markets is just out showing how much prices fell in the year and how far they’ve come down since the market top. Here’s what last year looked like in some major US markets:
South of the border: city -by-city breakdown of latest Case-shiller data
Las Vegas: Prices down 8.8%, and 61% below peak.
Los Angeles: Prices down 5.2%, and 41% below peak.
Miami: Prices down 3.8%, and 51% below peak.
New York: Prices down 2.9%, and 24% below peak.
Phoenix: Prices down 1.2%, and 55% below peak.
Portland: Prices down 4%, and 29% below peak.
San Francisco: Prices down 5.4%, and 41% below peak.
Seattle: Prices down 5.6%, and 32% below peak.
Remember, it’s not a bubble, it’s a balloon. Balloons don’t pop, they deflate. Slowly over the course of many years.
Hat tip to VMD for the link.