The Washington area's housing crisis continued to worsen as prices dipped almost 20 percent in the past year, according to a report in the Washington Business Journal.
The S&P/Case-Schiller Home Price Index for November, released today, showed a decrease of 19.4 percent as compared to November 2007. The average price for a home in our area declined 2.39 percent from October to November.
While the metro area's dip is concerning, the decline seen in this area paled in comparison to others in the 20-city report. Home values dropped 32 percent in Las Vegas and 33 percent in Phoenix.
The report shows that the average value for a home in the cities surveyed has fallen for the past 28 consecutive months.