Posted by Scott Norris on Thu, Jul 29, 2010 @ 07:47 AM
The May 2010 Case-Shiller Home Price Indicies for May were reported on Tuesday. All 20 markets tracked reported an increase over the prior month with the exception of Las Vegas where the index decreased by .5%.
Both Florida markets (Tampa and Miami) tracked by the company showed increases of .9% over April. The big winners were Minneapolis (up 2.8%) and Atlanta (up 2.0%). The 20 market national composite index was up 1.3%
For the year, the Tampa market is down .4% while Miami is down 1.6%. The 20 market composite index is up .4%
Posted by Scott Norris on Thu, May 27, 2010 @ 04:15 PM
The Standard and Poors Case-Shiller Home Price Indices for March were released on Tuesday. The index for the Tampa market dropped .1% for the month, Miami was down .9% and the 10 market national composite index dropped .4%.
Once again the Mid-West markets led to the downside with Chicago being down 2.3%, Detroit down 4.1% (Detroit home prices are now 33% lower than they were on January 1, 2000), Minneapolis down 2.7%. The only anomaly was Cleveland which actually saw home prices increase 1.8% during the month.
All of the gainers were in the west or south west (except for the aforementioned Cleveland) - San Diego was up 1.5%, San Francisco up 1.5%, Denver up .6%, Dallas up .4%, and Seattle up .1%.
Posted by Scott Norris on Tue, Apr 27, 2010 @ 06:40 PM
The Case Shiller numbers for February were released. All but one market showed declining home prices, some fairly sizable. Only San Diego markets showed a gain.
Prices dropped 1.2% in the Tampa market during February after giving up .5% in January. The index broke a 28 consecutive month run of decreases in June 2009. August and September also showed modest gains in the index. But in October 2009, the index resumed its downward spiral, giving up all the gains from it made and more. The index is now back deep to April 2003 prices. Sarasota and Manatee Counties are not part of the Tampa market, but if the prices here mirror Tampa, then anyone who bought their home on or after April 2003 will likely be selling for a loss.
The only other Florida market tracked, Miami, is behaving about the same way. While the Miami index has not given up all the gains it made during the late summer rally last year, the index is still back to March 2003 levels. Miami was down .5% in February.
The 20 market composite index dropped .9% in February. This index is back to its August 2003 level.
If there was any rhyme or reason to the February numbers, it was that the Midwest was bad. Of the 5 worst performing markets, 4 were in the Midwest. Minneapolis dropped 2.2%, Cleveland dropped 2.1%, Chicago was down 2%, and Detroit lost 1.8%. Portland (-2.4%) was the worst performing market and the only top 5 worst performer to not be in the Midwest.
Posted by Scott Norris on Mon, Apr 05, 2010 @ 07:05 PM
The S&P/Case-Shiller Home Price Indices for January 2010 were release last month. The chart for the Miami, Tampa, and 20 market composite indices is posted on my website. All 3 indices suffered slight declines - the 4th consecutive for Miami and the national composite and 5th in a row for Tampa. Thankfully all of the changes this month and for the last 4 or 5 cummulatively have been relatively minor. We've been basically flat during this period.
Prices for all 3 indices are now back to mid 2003 levels. If you bought or refinanced after the first quarter of 2003, your are most likely part of the 21% of homeowners underwater in their mortgage.