Realtor Coaching | Real Estate Training | Home Value Depreciation Pace Increases Sharply | 2009 Real Estate Predictions
Realtor Coaching students, pay close attention to this new information about home values. The pace of depreciation is increasing not slowing. For the last few months of 2008 many real estate industry experts were calling for a bottom in mid 2009. Little chance of this happening considering the overall economy and the simple fact that housing is still overpriced in most housing markets.
Here is the new data:
Home prices continued to drop in October, according to the S&P/Case-Shiller home-price indexes, with home prices in the Sun Belt continuing to be hit hardest.
“The bear market continues; home prices are back to their March 2004 levels,” said David M. Blitzer, chairman of S&P’s index committee. He added that both composite indexes and 14 of the 20 metropolitan areas are reporting new record declines. As of October, the 10-city index is down 25% from its mid-2006 peak and the 20-city is down 23%, Blitzer said.
The indexes showed prices in 10 major metropolitan areas fell 19% in October from a year earlier and 3.6% from September. The drop marks the 10-city index’s 13th straight monthly report of a record decline. In 20 major metropolitan areas, home prices dropped 18% from the prior year, also a record, and 2.2% from September. None of the regions was able to stave off a decline from September to October. (Read full story, “Case-Shiller Index Shows Sharpest Declines in Sun Belt“)
Below, see data from the 20 metro areas Case-Shiller tracks, sortable by name, level, and year-over-year change — just click the column headers to re-sort.
(About the numbers: The Case Shiller indices have a base value of 100 in January 2000. So a current index value of 150 translates to a 50% appreciation rate since January 2000 for a typical home located within the metro market.)>
Metro Area October 2008 Change from September Year-over-year change Atlanta 119.77 -2.4% -10.5% Boston 159.17 -1.1% -6.0% Charlotte 128.02 -1.8% -4.4% Chicago 145.49 -1.6% -10.8% Cleveland 108.76 -1.0% -6.2% Dallas 120.60 -1.1% -3.0% Denver 129.05 -1.5% -5.2% Detroit 86.10 -4.5% -20.4% Las Vegas 142.57 -2.7% -31.7% Los Angeles 179.82 -2.6% -27.9% Miami 173.42 -3.0% -29.0 Minneapolis 135.71 -3.4% -16.3% New York 190.04 -0.9% -7.5% Phoenix 135.18 -3.3% -32.7% Portland 166.44 -1.9% -10.1% San Diego 159.12 -3.0% -26.7% San Francisco 139.44 -4.2% -31.0% Seattle 170.45 -1.4% -10.2% Tampa 165.44 -3.4% -19.8% Washington 184.92 -2.7% -18.7% Source: Standard & Poor’s and FiservData
Popularity: 1% [?]
Similar Posts:
- Case-Shiller Home Price Index..19.1% Further Home Value Lost | Realtor Coaching Harris Real Estate University students (and future...
- Case Shiller Housing Index | Realtor Coaching Breaking news….Case Shiller Housing Index numbers: Washington,...
- Historic Housing Slide | ‘American Dream’ Of Homeownership Gone? | Real Estate Training | Realtor Coaching The November report(.pdf) for the S&P Case-Shiller...
