Case Shiller Index: Negative Numbers Across the Board
Home prices in the New York City area in February fell 1.6 percent from January and about 10 percent from a year before, according to new numbers from the Case-Shiller Index. Those drops were relatively benign compared to some parts of the country: Las Vegas and San Francisco all experienced year-over-year declines of over 30…
Home prices in the New York City area in February fell 1.6 percent from January and about 10 percent from a year before, according to new numbers from the Case-Shiller Index. Those drops were relatively benign compared to some parts of the country: Las Vegas and San Francisco all experienced year-over-year declines of over 30 percent while Phoenix achieved the distinction of being the first city to have its real estate values fall more than 50 percent from the 2006 peak. Some of the hardest hit regions have begun to show signs of stabilizing, as low prices, the proliferation of foreclosure sales and low interest rates have lured some buyers back to the table. Still, predictions for future declines across the country from so-called experts range from just 5 percent to as much as 33 percent. A chart from the Wall Street Journal of percentage changes in the nation’s 20 largest cities is on the jump.
Phoenix Leads the Way Down in Home Prices [NY Times]
City Lags As Nation Hits Home Runs [NY Post]
A Look at Case-Shiller Numbers [WSJ]
NYC Price graph from The New York Times
Funny about SF. Except for Hunter’s Point, it’s still totally unaffordable.
It’s not just one headline, mopar. It’s multiple headlines. NYC lags and will catch up. Done deal.
A little more perspective than what the shills want you to have…
Metro Peak Feb-09 Total Drop
Atlanta 136.47 106.65 -21.85%
Boston 182.45 148.77 -18.46%
Charlotte 135.88 118.94 -12.47%
Chicago 168.60 126.3 -25.09%
Cleveland 123.17 97.76 -20.63%
Dallas 126.47 112.39 -11.13%
Denver 140.28 120.22 -14.30%
Detroit 127.05 74.6 -41.28%
Las Vegas 234.78 121.06 -48.44%
Los Angeles 273.94 163.16 -40.44%
Miami 280.87 154.28 -45.07%
Minneapolis 171.12 116.39 -31.98%
New York 215.83 178.16 -17.45%
Phoenix 227.42 111.89 -50.80%
Portland 186.51 150.88 -19.10%
San Diego 250.34 146.82 -41.35%
San Francisco 218.37 120.39 -44.87%
Seattle 192.30 152.12 -20.89%
Tampa 238.09 145.25 -38.99%
Washington 251.07 168.02 -33.08%
And BTW, if you go look at the data from the S&P site, you’ll find that they’re have been multiple false glimmers of hope (price up month-to-month, then price down month-to-month) for most if not all cities. What’s to say that this YOY “stabilization” is not, especially in the face of all the resets to take place through 2011 or 2012 or whatever it is?
-44.87% for San Fran! Damn, already half off! I recall quite a few threads comparing SF to NYC. Uh oh!
***Bid half off peak comps***
> “We’re within shouting distance of a bottom.”
Indeed. A bottom named Dave.
It’s just a headline. My point is that just because something happens in Florida or Nevada doesn’t mean it’s a foregone conclusion the same thing will happen here.
Those two states are down much more than the others.
Though I don’t hold out great hopes for the economy, or real estate, recovering in the next 15 months.
“City Lags As Nation Hits Home Runs [NY Post]”
See, mopar?
***Bid half off peak comps***
ENY: I love going to Shea/Citi Field and being one of 10 Padres fans in a crowd of thousands.
DIBS: In San Diego sports you don’t even have to be close to be considered “good enough for us” – even if we lose a few too many games, who cares? Life’s a beach.
“Close” only counts with horse shoes and hand grenades, six years. 🙂
Don’t break your leg jumping off the bandwagon this year, Dave, just in case the Phillies don’t make it back. I’m just saying.
“Go Padres! Doesn’t my team get an award for exceeding expectations? ;)”
Um, who?
“1. Everyone with credibility on this board now agrees that prices are declining.”
Come out from hiding, Sebb! Where are you?
Go Padres! Doesn’t my team get an award for exceeding expectations? 😉