The Case-Shiller Housing Index indicates the US housing market declined another 3.8% on a year-over-year basis in January 2012. Sequentially the market is down 0.8% in January 2012.
What I find interesting is US home prices did not experience a rebound with the recent decline in the unemployment numbers. I think there are several factors involved: 1) there are other factors involved in the drop in unemployment (i.e., those who gave up work are no longer considered "unemployed"); 2) tight lending standards are keeping a good number of potential buyers out of the market; 3) the "shadow" inventory of foreclosures post "robo-signing" are an overhang on the market; and 4) the recovery in the US economy is not as robust as one might think.
The South Florida housing market was down 1.9% on a year-over-year basis in January 2012, which was better than the national average of almost a 4% decline. On a sequential basis, the South Florida housing market saw a slight gain in prices of 0.6%, versus a 0.8% decline in home prices in January 2012.
Some markets of note:
January 2012January '12/December '11December/NovemberMetropolitan AreaLevelChange (%)
Change (%)1-Year Change (%)
Boston147.89-0.4%-1.2%-2.8%
Chicago108.15-1.9%-2.0%-6.6%
Miami138.590.6%0.2%-1.9%
Minneapolis111.42-0.8%-1.2%-1.8%
New York161.16-0.8%-1.4%-2.9%
Tampa124.14-0.8%-0.2%-3.8%
Composite-10148.40-0.8%-1.2%-3.9%
Composite-20135.46-0.8%-1.1%-3.8%
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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