We Are Back In 2003 But Positive Signs

Posted on February 24th, 2010 in All Articles, Market Conditions.

We are Back in 2003.
The typical national home price is back at 2003!
Ok, breathe. We are all younger now.
No gray hairs here.

The bottom likely is here now or was just here and we’ve levelled out.

Evidence of a national truth that property values may be leveling off- Standard and Poors company’s national index, which is produced only once a quarter and covers all nine U.S. census divisions, showed a seasonally-adjusted gain of 0.3 percent between the third and fourth quarters of last year. This is a considerable improvement from the fall that pushed home values 32 percent below their 2006 peak!
According to the S&P/Case-Shiller U.S. National Home Price Index released Tuesday, residential property values were down 2.5 percent in the fourth quarter of 2009 compared to one year earlier-significant improvement over the annual variances reported in the first (-19.0 percent), second (-14.7 percent), and third (-8.7 percent) quarters of the year, and shows a definite pattern of diminishing declines.
In December, S&P’s closely-watched 10-city and 20-city composites recorded annual declines of 2.4 percent and 3.1 percent, respectively. These two indices, which are
reported at a monthly frequency, have seen improvements in their annual rates of return every month since the beginning of 2009. Following suit with the two composites, S&P said all 20 metro areas saw improvement in their annual returns …
As of the fourth quarter of 2009, S&P said average home prices across the United States are at similar levels to what they were in the summer of 2003.
Looking at the monthly statistics, 15 of the 20 markets tracked by the index showed a decline from November to December, with Chicago posting the sharpest drop of 1.6 percent. Some selections taken from NYT and DS News.