Home Prices Are Back To Levels of 2003

Posted on January 7th, 2011 in All Articles, Market Conditions, Short Selling/Buying.

CHICAGO, IL “Short Sale Super Man” Big Picture View.

If your feeling like you went back in a time warp, on your home’s value… you would be correct if you felt like it was 2003.

Since your feeling the time warp, let’s enjoy the warp a little further… The top songs of 2003 by the way were :

1. Crazy In Love, Beyoncé Knowles featuring Jay-Z
2. Hey Ya!, Outkast
3. Here Without You, 3 Doors Down
4. Baby Boy, Beyoncé Knowles featuring Sean Paul
5. Miss Independent, Kelly Clarkson
6. Beautiful, Christina Aguilera
7. Rock Your Body, Justin Timberlake

Seriously though, the 2003 levels of home values are back. This was the year I started my Brokerage career. I closed 100 million or more personally since then… and when I think about the prices of the first properties I helped client’s buy… it makes sense that we are back to that point.

The source of this time warp/value data is the  heralded S&P/Case-Shiller Home Price Indices released in the end of 2010 showed there was a decrease in residential property values in all 20 cities included in the study between September and October. Fifteen were down by 1.0 percent or more, giving the 20-city composite a reading of -1.3 percent. Atlanta posted the largest monthly decline of 2.9 percent.

– 20-city composite fell 0.8 percent from its October 2009 level.

“The double-dip is almost here, as six cities set new lows for the period since the 2006 peaks,” said David M. Blitzer, chairman of the index committee at Standard & Poor’s. “There is no good news in October’s report. Home prices across the country continue to fall.”

As of October 2010, average home prices across the United States are back to the levels where they were in mid 2003, based on S&P’s index. Measured from June/July 2006 through October 2010, the peak-to-current price change for the 20-city composite is -29.6 percent.

Thanks for reading this, Phil Buoscio.
Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..
Phone: (312) 953-6725. myrealtorphil@gmail.com.
View My homes for sale at www.BetterLivingRealty.com
Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor.
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