Case-Shiller Home Prices Mixed
The S&P/Case-Shiller Home Price index in October rose in just seven of 20 cities. In the past year, prices are down 7.3% in the 20 cities. Prices in all 20 cities were lower in October 2009 than in October 2008. The figures are not seasonally adjusted.
Only seven of the 20 metro areas showed month-over-month improvement. The turn-around in home prices seen in the spring and summer has faded, according to S&P chief economist David Blitzer, who described the latest Case-Shiller data as flat.
As of October 2009, average home prices across the U.S. are at similar levels to where they were in the autumn of 2003.
Las Vegas was the only market that has not seen any improvement in 2009. Prices have declined for 38 consecutive months. Las Vegas is just 5% above its January 2000 level.
On the plus side, San Francisco has had seven consecutive months of positive returns; San Diego has reported six; and Los Angeles and Phoenix are close behind with five.
Comments are closed.
Like Shiller said, “we live in a world that’s always changing,” so they knew their variables could go up or down, as much as it should. Trends may not be the way we intended them to be, and we have to be prepared for that.
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We appear en route toward year-over-year price stabilization. Still, the pace is slowing, and seems unreliable, especially if we remove the crutches of government stimulus. The latest extenBosion of the homebuyer tax credit is set to expire in the first half of 2010.
Bonita California Realtor
When housing prices turn lower, it will not be a “double dip” but merely a continuation of the earlier decline that was interrupted only temporarily by seasonal factors along with massive government intervention. As was noted above, the government cannot afford to buy every distressed piece of real estate.
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Doesn’t seem to match reality in areas that I travel. New homes are just not being built, at all, period. I am interested in building a house for myself and can tell you that if I needed financing, I would not find it. Land prices have been plumenting, although not to the depths that they should go. No one is building on the empty lots that I follow.
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