Case-Shiller Index Released Today
The results from July are in, my friends. The monthly Case-Shiller report, which tracks changes in the value of residential housing, covers 20 metropolitan areas in the United States, with three of those being in California: San Francisco, Los Angeles, and San Diego.
Overall, housing values are down about 1% over June of 2008, but six of the twenty markets gained value in July: Atlanta, Boston, Denver, Detroit, Minneapolis, and Dallas. Last month this positive number was 9, with Charlotte, Chicago, Cleveland and New York falling off and Detroit making its first uptick since June of 2007. Within our own fair state, Los Angeles took a 1.7% downturn, with San Diego and San Francisco both coming in -1.9%. The big losers this month were Las Vegas and Phoenix, a mantle they cannot seem to shake.
San Francisco has seen a downturn in all but two months since July of 2006. March and April of 2007 rebounded just a wee bit, we’ve been on a freefall ever since, dropping 4.2% from July 06 to July 07 and another 24.9% between July 07 and July 08. That’s a big OUCH!
If pricing follows last year’s lead, December, January and February should be good months to buy, with big drops in housing values taking place. But the current credit crisis and the election will have an impact…we just don’t know what kind as of yet.
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