Fresh Loaf

Number of cities in the Standard & Poor’s/Case-Shiller housing index: 20

Number of cities in the report that showed monthly and annual home price declines: 20

Amount, in percentage, home prices dropped nationally since January 2008, their largest decline: 19

Amount, in percentage, metro Atlanta home prices dropped since January 2008: 14.5

Amount, in percentage, that Phoenix home prices dropped: 35

Percentage of Atlanta’s population affected by property crimes and violent crime, respectively: 6.6, 1.6

Percentage of Phoenix’s population affected by property crimes and violent crime, respectively: 5.9, .74

Percentage increase in the average home price in Inman Park in early 2009 vs. early 2008, according to Trulia.com: 20

Percentage decrease in the average home price in Old Fourth Ward, over the same time period: 28

Sources: Atlanta Journal-Constitution, Standard & Poor’s, Atlanta Business Chronicle, Trulia.com

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The AJC reports home prices in Atlanta declined 4.8 percent between January 2007 and January 2008, according to the Standard & Poor’s/Case-Shiller Home Price Index.

The story is correct, but leaves out a couple of interesting and, unfortunately gloomy details.

1) Atlanta home prices peaked later than most of the other markets in the index. Atlanta didn’t peak until July 2007. Most of the other markets measured in the index were already in decline by early 2007. Atlanta home prices are actually down 6.9 percent since the July 2007. 6.9 percent in six months is a steep drop.

2) Standard & Poor’s/Case-Shiller does not measure condo prices. The Wall Street Journal reported last week that condo prices in Atlanta declined 12 percent in 2007.

The Standard & Poor’s/Case-Shiller Home Price Index, in all its spreadsheety glory, is available here.

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