April 15, 2009.
Starting between 1999 and 2000, national home prices began a period of unprecedented growth, increasing at a pace more than 8 times their annual average until peaking in early 2006. National home prices appreciated over 100% on average during the 6 year period before declining 27% from 2006 through Q4 2008. Markets across the sunbelt, namely Florida, Southern California, and Arizona saw prices appreciate as much as 180 % from 2000 to their peak in 2006; these areas have also declined the fastest and hardest, falling as much as 50% and boasting the highest foreclosure rates in the country.
Construction Engineering and Management
2009 Gabe Randall and Scott Kelting.