U.S. home prices sank nearly 14 percent last year and show few signs of stabilizing, even though much of the gains posted during the housing boom have been erased.
The recession and foreclosures battered house prices in 2008, dragging down values by 13.8 percent nationally and down 19.1 percent from their 2006 peak, according to the IAS360 House Price Index from Integrated Asset Services.
"We're seeing house prices returning to pre-bubble levels and there are no signs of leveling off just yet," Dave McCarthy, president and chief executive of Integrated Asset Services, said in a statement.
Home prices sagged by 5.9 percent in 2007, after rising 1.4 percent in 2006, according to IAS.
Location "is still everything," he added, with the markets that soared the most during the record five-year housing spree now faring the worst.
All of the 10 hardest-hit counties from peak to trough are in California or Florida, based on IAS data.
The three hardest hit counties are all in California, with prices down 51 percent from their high in San Joaquin County, down 49 percent in Monterey County, and down 45 percent in Kern County.
At the U.S. Census region level, home prices fell most in the West and the South. In the West prices dropped 18.4 percent last year and are down more than 24 percent from the 2006 peak. In the South, prices skidded by 12 percent in 2008 and are off about 18 percent from their high.
The hardest hit metropolitan areas last year were San Francisco, San Diego and Miami. Prices fell 23.9 percent in San Francisco, 22.7 percent in San Diego and 20.8 percent in Miami. Within the San Francisco metro area, Contra Costa County tumbled 35.5 percent last year, bringing prices 42.2 percent below the peak.
Denver-based Integrated Asset Services tracks the monthly change in the median sales price of single-family homes in the United States.
"We're seeing house prices returning to pre-bubble levels and there are no signs of leveling off just yet," Dave McCarthy, president and chief executive of Integrated Asset Services, said in a statement.
Home prices sagged by 5.9 percent in 2007, after rising 1.4 percent in 2006, according to IAS.
Location "is still everything," he added, with the markets that soared the most during the record five-year housing spree now faring the worst.
All of the 10 hardest-hit counties from peak to trough are in California or Florida, based on IAS data.
The three hardest hit counties are all in California, with prices down 51 percent from their high in San Joaquin County, down 49 percent in Monterey County, and down 45 percent in Kern County.
At the U.S. Census region level, home prices fell most in the West and the South. In the West prices dropped 18.4 percent last year and are down more than 24 percent from the 2006 peak. In the South, prices skidded by 12 percent in 2008 and are off about 18 percent from their high.
The hardest hit metropolitan areas last year were San Francisco, San Diego and Miami. Prices fell 23.9 percent in San Francisco, 22.7 percent in San Diego and 20.8 percent in Miami. Within the San Francisco metro area, Contra Costa County tumbled 35.5 percent last year, bringing prices 42.2 percent below the peak.
Denver-based Integrated Asset Services tracks the monthly change in the median sales price of single-family homes in the United States.
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