Through November 2011, the Case-Shiller Home-Price Index showed a sequential decline 1.3% for both the 10- and 20-City Composites. The 10- and 20-City Composites posted annual returns of -3.6% and -3.7% versus November 2010, respectively.
US home prices have fallen 33% nationwide since the housing bust; today's US home prices are around the levels of homes sold in 2003. Most housing experts seem to think the large level of vacant homes will keep prices depressed for years to come.
Home experts also indicate home prices are likely to begin rising first in hard-hit areas like Arizona, California, Nevada and Florida. South Florida had experienced a sequential decrease of 0.5% in November 2011 and a 4.4% year-over-year decline in November 2011.
Many economists have compared the current US housing market with the UK market in the 1990s. During that time it took more than four years for home prices to begin to rise again.
Other areas of interest:
November 2011 November/October October/September
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 150.34 -1.6% -1.1% -1.6%
Chicago 112.46 -3.4% -1.8% -5.9%
Miami 137.47 -0.5% -1.2% -4.4%
Minneapolis 113.25 -0.6% -1.5% -5.0%
New York 165.66 -1.1% -1.5% -2.3%
Tampa 125.32 -1.1% -0.5% -6.1%
Composite-10 151.90 -1.3% -1.2% -3.6%
Composite-20 138.49 -1.3% -1.3% -3.7%
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 text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
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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