Case-Shiller Release Looks Good
I'll write more on this later but for now, good news. Every single market tracked by Case-Shiller showed an increase in their index over last month. Both the 20 market and 10 market composite indices were up 1.1%. Tampa was up 1.3% which erased most of the losses incurred in 2011 up to this point. Miami was up .6%.
Even lowly Detroit managed to move ahead for the first time in nearlly a generation, gaining 2.2% which put its prices back to where the were about 30 minutes ago. Actually it moved them back to where they were in March 2011.The index for Detroit is now at 65.42 or 65% of the 2000 price level. The last time the index was at this low (except for the months of April and May of this year) was May 1994.
Not only did Detroit perform well but, every market in the Midwest made out well. Minneapolis and Chicago were both up 3.2%, Cleveland up 1.5%.
If there was a slow area, it was the West and Northwest. Phoenix and La were both up just .3%, San Diego up .2%, San Francisco up .4%, Las Vegas up .1% Portland was just over flat, and Seattle was up .7%. The only big hitter in the West was Denver up 1.7%.
You can read the S&P's press release and analysis here.