Housing Prices Down

Home prices fall fastest rate in 13 years.

Prices will probably continue falling, said Goldman Sachs economists in a research note. "We expect [the index] to be down about 5% by the end of 2007. If anything, it's getting there a bit faster than we anticipated," they wrote. Prices fell year-over-year in 13 of the 20 cities, led by Detroit (down 7.8%), San Diego (down 5%), Boston (down 4.7%) and Washington (down 4.3%). On the other hand, prices have risen 10.6% in the past year in Seattle, 7.7% in Portland, Ore., and 7.3% in Charlotte, N.C. Other cities in the index: Atlanta, up 2.1% year-on-year; Chicago, up 1.7%; Cleveland, down 2.7%; Dallas, up 1.3%; Denver, down 1.6%; Las Vegas, down 1%; Los Angeles, down 0.4%; Miami, up 2.9%; Minneapolis, down 1.6%; New York, down 1.8%; Phoenix, down 2.1%; San Francisco, down 2.2%; and Tampa, down 1.1%.

Bad if you already own a house/houses. Good if you are looking to buy.