The Real Deal Miami

Case-Shiller sees record drop 

July 29, 2008 09:41AM

Standard & Poor’s Case-Shiller housing index saw a record 15.8 percent year-over-year drop for the 20 metropolitan areas it tracks. The index, which does not include condos, recorded no gains in May for every city for the second straight month, AP reported. An overall price increase hasn’t happened since August 2006. The 10-city index fell 16.9 percent, its biggest drop in its 21-year history. Las Vegas and Miami had the steepest falls, at 28.4 percent and 28.3 percent respectively. Miami posted a 3.61 percent drop compared to April. Even New York’s metro area saw a 7.9 percent drop year-over-over and a .46 percent drop compared to April.  TRD