New Case Shiller Report | Epic Home Value Losses Continue..When Will It End?
Home Values Still Falling Apart.
Harris Real Estate University Coaching students (and future students) here are the latest Case Shiller housing numbers. As you see the epic depreciation of American Home Values continue unabated. Students, use this information when pricing homes. Your Spring listings (Short Sales, REOs..non-distressed properties) must be priced assuming that the values will continue to decrease. The HREU Graduate Coaching students know to price their new listings where the homes will be worth in 60-90 days vs what they were worth based on recent sales.
For example: If you live in Atlanta and you know that homes are depreciating in Altanta by an average of 1% per month. Take the last SOLD comp and reduce the homes list price by at least 2-3%. Granted, this is not an exact science. The bottom line is that your listings must be priced where the market is going not where it was.
Obviously, this is going to force more than 50% of your sellers to require a short sale. Listen, if you don’t know how to do short sales…if you haven’t closed at least 12 short sales…don’t you think its about time you learn. Watch this FREE Agent Short Sale Secrets video now to learn exactly how-to easily list and sell short sales.
The S&P/Case-Shiller home-price index, a closely watched gauge of U.S. home prices, continued to post record declines in January.
In the 20-city index, no area experienced year-over-year price gains, the tenth straight month that has happened. Further, none of the cities managed to avoid month-to-month declines for the fourth month in a row.
Phoenix, Las Vegas and San Francisco continued to lead year-over-year decliners, with drops over 30%. Minneapolis continued to have large month-to-month drops, while the rate of decline accelerated in Chicago and Tampa.
Dallas, Denver, Cleveland, Boston, Charlotte and New York managed to avoid double-digit year-over-year declines. However, all of the 20 metro areas are in double digit declines from their peaks, with nine posting declines of greater than 30% and five of those (Las Vegas, Miami, Phoenix, San Francisco and San Diego) in excess of 40%.
“The large inventory overhang will continue to weigh on prices for some months yet. They could fall another 10%,” said Paul Dales, U.S. economist at Capital Economics. “Nevertheless, the more recent rise in mortgage applications and the rebound in home sales has made us hopeful that the rate of decline in house prices will soon moderate.”
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 | January 2009 | Change from December | Year-over-year change |
| Atlanta | 109.44 | -3.20% | -14.30% |
| Boston | 150.73 | -1.50% | -7.30% |
| Charlotte | 120.91 | -1.20% | -8.20% |
| Chicago | 130.8 | -4.60% | -16.40% |
| Cleveland | 102.89 | -2.20% | -5.20% |
| Dallas | 112.75 | -2.40% | -4.90% |
| Denver | 122.33 | -2.70% | -5.10% |
| Detroit | 77.56 | -4.20% | -22.60% |
| Las Vegas | 125.64 | -4.40% | -32.50% |
| Los Angeles | 166.54 | -2.80% | -25.80% |
| Miami | 159.04 | -3.60% | -29.40% |
| Minneapolis | 120.18 | -4.70% | -20.40% |
| New York | 181.28 | -1.20% | -9.60% |
| Phoenix | 117.11 | -5.50% | -35.00% |
| Portland | 153.8 | -3.00% | -14.00% |
| San Diego | 148.25 | -2.60% | -24.90% |
| San Francisco | 124.33 | -4.40% | -32.40% |
| Seattle | 154.37 | -3.60% | -15.00% |
| Tampa | 149.21 | -4.40% | -23.30% |
| Washington | 171.97 | -2.00% | -19.30% |
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