The LA Times (5/30/07) just reported a Standard and Poor Index showing U.S. home prices for the 1st quarter of 2007 compared to the 1st quarter of 2006:
Detroit -8.4%
San Diego -6.0%
Boston -4.9%
Washington -4.8%
Phoenix -3.0%
Tampa -3.0%
San Francisco -2.3%
Denver -2.0%
Las Vegas -1.6%
Los Angeles -1.4%
New York – 1.1%
The first such decline since 1991 (Last Recession)
Steepest Decline since 1929 (Last Depression)
If San Diego is the bellweather for the Real Estate Market, this can’t be good news. I can understand Detroit dropping due to Job Loss, but why San Diego?
I suppose it could drop that fast but I’m skeptical. It’s not consistent with the data I see at street level.
I’d want to see the methodology they used to come up with that number. I have a feeling we’re talking about some kind of averaging that makes assumptions about the datasets that may not be warranted.
I suppose it could drop that fast but I’m skeptical. It’s not consistent with the data I see at street level.
I’d want to see the methodology they used to come up with that number. I have a feeling we’re talking about some kind of averaging that makes assumptions about the datasets that may not be warranted.
Bugs –
The Case-Shiller index uses repeat sales to overcome some of the problems with median prices, primarily the biases due to change in mix of sales.
Since any particular house is typically only sold every few years there are some sampling issues, and they make use of estimation theory.
Bugs –
The Case-Shiller index uses repeat sales to overcome some of the problems with median prices, primarily the biases due to change in mix of sales.
Since any particular house is typically only sold every few years there are some sampling issues, and they make use of estimation theory.
Sacramento was down 4% … OK tell that to the bank that loaned Casey Serin the 330K for the Larchmont house right ~ 1 year and 2 months ago and sold it last month for 199K.
Yup, its only 4%.
Cool.
Cow_tipping.
Sacramento was down 4% … OK tell that to the bank that loaned Casey Serin the 330K for the Larchmont house right ~ 1 year and 2 months ago and sold it last month for 199K.
Yup, its only 4%.
Cool.
Cow_tipping.
OFHEO may be inaccurate for high-priced regions. It uses data from Fannie Mae and Freddie Mac, so I believe it only reflects conforming loans (less than 417K). Their numbers are probably representative in a lot of areas of the country, but may be significantly biased towards the lower end in areas like southern California.
OFHEO may be inaccurate for high-priced regions. It uses data from Fannie Mae and Freddie Mac, so I believe it only reflects conforming loans (less than 417K). Their numbers are probably representative in a lot of areas of the country, but may be significantly biased towards the lower end in areas like southern California.
