The September 2010 Case-Schiller Index showed the slowest year-over-year growth for any month in the year. Property values rose only 0.6% for September 2010 over September 2009.
The two biggest factors seem to be over-supply of homes and the economy (i.e., almost 10% unemployment). The CEO of homebuilder D.R. Horton recently said he expects sales to remain weak in 2011. He said the company would adjust price points to demand (editors note: seems to be indicating price reductions).
Here's some information from Case-Shiller Index of interest:
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1-mo 3-mo 1-yr 2-yrs 3-yrs
earlier earlier earlier earlier earlier
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US Composite-20 -0.71% -0.34% 0.59% -8.75% -24.63%
New York -0.34% 1.01% -0.13% -8.91% -15.41%
Miami -1.24% -0.87% -2.71% -18.51% -41.65%
Boston -1.31% -0.98% 0.42% -2.92% -8.46%
Chicago -1.53% -0.11% -5.58% -15.61% -24.12%
The indications seem to be for continued pricing pressure in the near-term. As we stated earlier, we still believe there is potential for another 5% to 10% slide in home prices during the next 12 months in the South Florida real estate market.
If you are buying or selling a home, please feel free to contact me.
I have provided a link to a property search engine below where you can find and view listings. Contact me for more details on those listings and/or information in the area.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
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