Nine metropolitan cities — Las Vegas, Miami, Phoenix, Los Angeles, San Diego, San Francisco, Seattle, Wash., Portland, Ore., and Washington, D.C. — posted record lows in May. And the value of housing in Detroit is now lower than it was in 2000.
But a possible bright spot in an otherwise dismal report, seven metros — Tampa, Fla., Boston, Detroit, Minneapolis, New York, Dallas and Atlanta — showed smaller annual declines.
I am not trying to suggest this is a good situation but Case/Shiller only covers 20 cities when there are 300 cities in this country. And it happens that most of the cities they cover are the ones hardest hit with the subprime mess.
As for Detroit, its problems are structural and have been developing for the past 10 years or more.
Having said that, there is a painful readjustment ongoing in the housing industry in this country. |
