South Florida home prices continued its five month sequential slide during December 2010, according to the Case-Shiller Home Price Index. Compared with December 2009, homes prices were down 3.7% in December 2010; this is the lowest level since the real estate market crash begain in 2006.
The national home price index fell 2.4% from December of last year; this is a proxy for the US housing market, in our view. On a quarterly basis, the Case-Shiller national home index was dwon 4.1% in 4Q:10 versus 4Q:09.
Also hitting new lows in December 2010 since their respective peaks in 2006/2007 were the following markets: Atlanta, Charlotte, Chicago, Detroit, Las Vegas, Miami, New York, Phoenix, Portland (OR), Seattle and Tampa.
Level Change (%) Change (%) 1-Year Change (%)
U.S. National Index 130.38 -3.9% -1.9% -4.1%
Boston 152.54 -0.1% -1.0% -0.8%
Miami 143.11 -0.5% -0.2% -3.7%
Minneapolis 117.09 -1.3% -2.2% -5.3%
New York 167.86 -0.9% -1.2% -2.3%
Tampa 130.23 -2.6% -0.9% -6.2%
Composite-10 156.26 -0.9% -0.8% -1.2%
Composite-20 142.42 -1.0% -1.0% -2.4%
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
561-247-3550
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
Showing posts with label 4Q 2010. Show all posts
Showing posts with label 4Q 2010. Show all posts
Saturday, February 26, 2011
Sunday, January 30, 2011
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
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
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
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
Saturday, January 15, 2011
Homes for sale: US Home Prices Fall Again During November 2010
The US housing market continues to struggle to find a bottom. Home prices in the United States fell 5.1% in November 2010 when compared with a year earlier, according to real estate analytics firm CoreLogic.
The decline in US home prices in November was steeper than the year-over-year decrease of 3.4% in October. Forty-four of the states experienced an annual decline in November.
Mark Zandi, an economist with Moody's Analytics said the US housing market is "double dipping." He predicts prices will continue to fall from the peak levels in 2006; he seems to indicate an expectation of the bottom hitting in late 2011 and price declines of 35% off the peak in 2006.
According to CoreLogic, the six states that experience a year-over-year increase in housing prices were: Indiana, Vermont, New York, Wyoming, North Dakota and Maine. However, in general, these states did not see as sharp of a rise in prices during the "boom" period.
The consensus of many leading economists that focus on the real estate market seem to think the bottom of the market will not hit until the end of 2011.
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
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
The decline in US home prices in November was steeper than the year-over-year decrease of 3.4% in October. Forty-four of the states experienced an annual decline in November.
Mark Zandi, an economist with Moody's Analytics said the US housing market is "double dipping." He predicts prices will continue to fall from the peak levels in 2006; he seems to indicate an expectation of the bottom hitting in late 2011 and price declines of 35% off the peak in 2006.
According to CoreLogic, the six states that experience a year-over-year increase in housing prices were: Indiana, Vermont, New York, Wyoming, North Dakota and Maine. However, in general, these states did not see as sharp of a rise in prices during the "boom" period.
The consensus of many leading economists that focus on the real estate market seem to think the bottom of the market will not hit until the end of 2011.
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
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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