L.A.: America’s biggest bubble, biggest price drops

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A couple of noteworthy headlines from the S&P/Case-Shiller housing price index today: According to Case-Shiller data, L.A. still has America’s biggest housing price gains since 2000 (aka America’s biggest housing bubble), but L.A. prices are falling faster than any other city in America.

Falling prices: These are the biggest price declines measured by Case-Shiller from October 2007 to November 2007:
Los Angeles -3.6%
San Diego -3.4%
Las Vegas -3.2%
San Fran. -3.2%
Phoenix -3.1%

If you are keeping track, Case-Shiller reports L.A.’s price index has declined 11.9% in the past year.

Biggest bubble: These are the price indexes, which measure price appreciation from a base of 100 in the year 2000:
Los Angeles: 240.43
Miami: 237.99
Washington: 223.45
San Diego 209.60

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Photo Credit: ‘Cloudy morning at city hall,’ submitted to Your Scene at LATimes.com by Dan Simpson.