April 27th Case-Schiller Report

28 04 2010
  • The Case Schiller S&P Indices Report came out yesterday with some more mixed reviews.  Unless you live in San Diego, which had a glowing report of being the only city in the indices to continue to improve month over month for the past 3 months for home prices.  All in all, the nation has posted a report of finally putting a halt to falling home prices; well, except for Portland and Dallas.  Although not terribly significant at 1.4% for the 10-city composite and 0.6% for the 20 city composite, this is a small sign of stabilization for the country as a whole.  On a cautionary note, David Blitzer (Chairman of the Index Committee), said, “These data point to a risk that home prices could decline further before experiencing any sustained gains…the pace of decline is less severe than a year ago. It is too early to say that the housing market is recovering.” 

 

  • Even though the composites as a whole gained in home prices, “six cities hit new lows– Charlotte, Las Vegas, New York, Portland, Seattle and Tampa,” said Blitzer

 

  • He also said, “…we should also pay heed to foreclosure activity, which have reached their highest level in at least the last five years. As these homes are put up for sales, we may see some further dampening in home prices.”

 

  • Average home prices across the United States are at similar levels to where they were in late summer/early autumn of 2003. From their peak in June/July of 2006 through the trough in April 2009, the 10-City Composite is down 33.5% and the 20-City Composite is down 32.6%.

                         Feb. 2010           Feb/Jan Ch.       

Portland              143.69                  -2.4%                  

                         Jan10/Dec09 change                   1 yr Change

                         -1.8%                                                    -4.8%

(*The 143.69 indicates Portland has had 43.69% appreciation since the year 2000.)

 http://www.standardandpoors.com/spf/docs/case-shiller/CSHomePrice_Release.pdf

— Dustin Miller

Realty Trust Group

503-850-3621 Direct

dustinm@realtytrust.com