The latest Case-Shiller home price index is out today, and the big news is that prices are down in 18 of 20 markets surveyed. The one-year drops are particularly large in Phoenix (-9.1%), Detroit (-8.0%), Portland (-7.8%), Minneapolis (-7.6%), Chicago (-7.5%), Atlanta (-7.0%), Tampa (-7.0%), Seattle (-6.7%).
What were the exceptions to the rule? San Diego (+0.1%) and Washington (+3.6%). What sets these two areas apart? Well, San Diego has good weather. And we in Washington have this thing called the federal government, which demands that you send it as much of your money as it wants and will put you in jail if you refuse to do so.