Ouch! Case-Shiller Numbers Down in all Markets Except San Diego
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.