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Home prices long road back

By STEVE BROWN
Staff Writer stevebrown@dallasnews.com

LOCAL ECONOMIC SNAPSHOT | HOUSING

MICHAEL HOGUE
Staff Artist mhogue@dallasnews.com

Home prices have turned the corner in most major U.S. housing markets. But some metropolitan areas have a lot further to come back than others. Dallas and Denver prices are the closest to where they were at the peak of the market before the recession, according to the Standard & Poors/Case-Shiller Home Price Index. Las Vegas, Phoenix, Miami and Tampa, Fla., have the longest way to go before prices recover. Percentages below are the decline from the pre-recession peak in each metropolitan area:

Boston -14%

Denver -4%

Cleveland -17%

Dallas-area home price changes


(Year-over-year change) Sept. 07 +0.5% Jan. 10 +4.1% Sept. 12 +4.4%

Big-city U.S. home prices


more than doubled between 2000 and the peak of the market in 2006. But in the Dallas area, prices rose only about 25 percent during the same period.
(Case-Shiller Home Price Index)

For sure Dallas prices given another year wont be down. We didnt give up as much so it doesnt take as far to come back and recover.

Dr. James Gaines, economist, Real Estate Center at Texas A&M University

Seattle -26%

Dallas -4%

Portland, Ore. -24%

New York -23%

Charlotte, N.C. -14%

Minneapolis -26%

Washington, D.C. -24%

Chicago -31%

Detroit -37%

Tampa, Fla. -44%

San Francisco -34%

Atlanta -30%

Phoenix -47%

Las Vegas -59%

Los Angeles -36%

Miami -47%

May 11 -4.7%

San Diego -36%

Dallas-area homes listed for sale


(At its lowest level since 2000) 14,224

31,496 16,920

90

00

07

12

SOURCES: S&P/Case-Shiller Home Price Index; Fiserv; Real Estate Center at Texas A&M University

BOTTOM LINE
The Texas markets led the country into the recovery. We are probably a year to a year-and-a-half ahead of these other cities. Weve seen a lot of the mopup already take place. Since North Texas didnt have a big run-up in home prices before the recession, there was really no price bubble here. The rebound in values is happening faster. Steve Brown, real estate editor

Ted Wilson, principal, Residential Strategies Inc.

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