The Case Shiller number are out and for some of the cities it looks rough, but you can see a base forming in some of the lesser hit cities in the country.
You will see across the news today how Miami is down 7 percent in a month and the top 10 cities in the index are down nearly 17 percent over last year.
But dig a little deeper and you see that Boston, Denver, Atlanta, Charlotte, Minneapolis, Dallas, and Portland showed month over month increases. And those are increases in a very difficult lending environment.
The bottom is forming kids for most of the country. The tightening lending standards are being priced into the market and people are going to not be as scared to buy.
That is as long as they do not watch the evening news.
City April 08 v May O8 May 07 v May 08 Boston +1.66% -6.20% Chicago -0.41% -9.40% Denver +1.23% -4.80% Las Vegas -4.85% -28.40% Los Angeles -3.93% -24.50% Miami -7.23% -28.30% New York -0.90% -7.90% San Diego -2.53% -23.20% San Francisco -1.93% -22.90% Washington DC -1.91% -15.40% Atlanta +0.80% -7.90% Charlotte +1.35% -0.20% Cleveland -0.67% -8.00% Dallas +1.25% -3.10% Detroit -1.15% -17.40% Minneapolis +0.79% -14.80% Phoenix -4.01% -26.50% Portland +0.66% -5.20% Seattle -0.90% -6.30% Tampa -1.36% -20.20% 20 City Average -1.46% -15.50%
Thanks to Fritz Siebel at www.tfsbrokers.com for sending over the numbers!
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