July 1, 2006 to July 1, 2007 - only two states, Michigan and Rhode Island, lost population. Louisiana regained some ground lost after Hurrican Katrina in 2005, and Nevada was the fastest growing state.
Overall, nearly a three million gain in US Population in one year. From 2000-2007, a 20 million increase or 7%. The largest state, California at 36.5 million or 12.6 million more than Texas.
With the housing downturn, fewer people are moving. That, combined with restrictive lending, and the increased supply of available homes. Home Prices are falling.
Home prices in 11 big metro areas see record drops in October. Making 2007 one of the worst real estate markets since the year the United States entered World War II. The S&P/Case-Shiller index fell in 17 of 20 cities. The biggest falls occurring in Miami 12%, Tampa 12%, Detroit 11% and San Diego 11%. Composite prices fell over 6%. Charlotte 4%, Seattle 3% and Portland 2% were the only cities in the positive - and that will likely end very soon.
Shiller expects composite prices to fall another 5-7% in 2008.
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