The Case-Shiller Index is now at levels last seen in late-2002. Although prices fell in 15 of the 20 cities tracked by Case-Shiller Index, on a sequential basis, prices actually rose in Miami. The price decline is largely blamed on foreclosed properties being a heavy representation of sales. We had predicted this would occur. Generally, foreclosed properties sell at a discount to non-distressed homes (please see previous articles).
The US housing market should begin to stabilize, in my view. Builders are planning to construct more homes in 2012 than any other year, going back to 2008. I think we are hitting trough point and will begin to see prices stabilize during 2H:12. Much of the potential recovery in US housing will depend on job growth, in my opinion.
The market fell about 3.5% on a year-over-year basis in February 2012, according to Case-Shiller. I think the slight price increase (almost 1.0%) for the South Florida region in February is a positive sign. I expect to see prices at a steady pace with the previous year in 2H:12 for the South Florida market and the US housing market as a whole.
Some areas of note:
February 2012 February/January January '12/December '11
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 146.23 -1.1% -0.5% -2.4%
Chicago 105.39 -2.5% -1.9% -6.9%
Miami 139.49 0.6% 0.6% 0.8%
Minneapolis 110.16 -1.0% -0.8% 0.4%
New York 159.58 -0.8% -1.0% -3.0%
Tampa 123.91 -0.2% -0.8% -2.9%
Composite-10 146.90 -0.8% -1.0% -3.6%
Composite-20 134.20 -0.8% -1.0% -3.5%
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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