‘No sign of a bottom’ for housing

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The monthly Case-Shiller numbers -- the ones based on repeat sales of the same house -- show L.A. housing prices fell by 19.4% over the past year, the L.A. Times reports at this hour.

The latest Case-Shiller report, for February, indicates Los Angeles prices are falling at an accelerating rate, dropping 4.3% from January to February. Of the nation’s 20 larges cities, only San Francisco (5.0%) and Las Vegas (4.8%) experienced steeper price declines.
‘There is no sign of a bottom in the numbers,’ said David M. Blitzer, chairman of Standard and Poors’ index committee.

If you want to know where the housing bubble was biggest, just look at the cities now suffering the biggest declines:

1) Las Vegas down 22.8%
2) Miami down 21.7%
3) Phoenix down 20.8%
4) L.A.-Orange County down 19.4%
5) San Diego down 19.2%

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Photo credit: Associated Press