House prices continue to fall

Federal government data on house prices continue to paint a grim picture of housing values on the Gulf Coast.

Using data from Fannie Mae and Freddie Mac for the purchase and refinance of homes, the federal government showed second-quarter drop in prices in every area of the Gulf Coast except Fort Myers.

Nationally, using data from mortgages for acquisitions and refinancing, house prices were 1.9% lower in the second quarter compared with the first quarter and down 4.5% for the full year.

The table below shows the wreckage of the economic downturn on house prices over the last five years.

Three areas of the Gulf Coast experienced five-year declines of more than 50%.