Homes For Sale: Case-Shiller Index: November 2010; US Real Estate Market Continues Weakness as Does Florida

According to the Case-Shiller Index, for the most-part, US housing prices are not appreciating. Home prices in the Florida markets reported on continue to slide. We think general economic conditions are largely to blame-- such as increased levels of unemployment and lack of income growth prospects.

Looking at the United States as a whole, the Case-Shiller Index report states: “Looking at the monthly statistics, 19 of 20 MSAs and both Composites were down in November over October. Fourteen MSAs and both composites have posted at least four consecutive months of decline with November’s report." Therefore, on a sequential basis, the market as a whole remains soft and in decline.

When focusing on the Florida market, two of the nine overall markets hitting their lowest levels since home prices peaked were in Florida: Miami and Tampa. The others were: Atlanta, Charlotte, Chicago, Detroit, Las Vegas,Portland (OR), and Seattle and Tampa. These markets hit their lowest levels since home prices peaked in 2006 and 2007, meaning that average home prices in those markets have fallen even further than the lows set in the spring of 2009. Again, we see the state of Florida continuing to show a weak real estate market.

Looking at markets of interest:

November 2010 November/October October/September
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)

Boston 152.76 -1.0% -1.2% -0.8%

Miami 143.81 -0.2% -1.1% -3.5%

New York 169.75 -1.0% -1.6% -1.7%

Tampa 134.05 -0.8% -1.0% -4.0%

Composite-10 157.68 -0.8% -1.3% -0.4%

Composite-20 143.85 -1.0% -1.3% -1.6%

With the economy not showing signs of job growth, continued uncertainty and tight credit markets, we suspect a tough slog for the US housing market as a whole.

When focusing on the South Florida market, the trends seem to be worse when compared with the nation as a whole. This is exacerbated by the higher level of distressed properties in the market as well as an economy largely based on construction and discretionary income spending.

As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free to contact me.

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

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