Short Sale 411

Worst-performing City: Miami
Shares of homebuilders were trading mostly lower on Dec. 26. Toll Brothers (TOL) lost 0.3% to $21.11, KB Home (KBH) slipped 0.7% to $23.46, while Lennar (LEN) edged up 0.1% to $17.91.

Among the 20 metropolitan areas, Miami posted the largest decline. Home prices in the Miami metropolitan area fell 12.4% in October compared to the same month last year, surpassing Tampa, Fla., as the worst-performing city. Tampa posted a year-over-year loss of 11.8%.

Besides those two cities, Detroit, Las Vegas, Phoenix, and San Diego also posted double-digit year-over-year declines.

Atlanta and Dallas, which had previously posted price appreciation, fell in October. Prices fell 0.7% in Atlanta and 0.1% in Dallas compared to a year earlier.

Only three areas—Charlotte, N.C.; Portland, Ore.; and Seattle—posted year-over-year home price appreciation in October. Charlotte posted the largest gains at 4.3%.


BUSINESSWEEK - December 26, 2007, 11:52AM EST