Comments on: Case Shiller June 2009 Report is Full of Good News!!!

By: Bob

Bob — Wed, 02 Sep 2009 18:38:26 +0000

We are seeing inventory levels down to 2 weeks in some areas with multiple offers becoming the norm at lower price points.

By: Neil

Neil — Tue, 01 Sep 2009 18:58:49 +0000

I am definitely not an optimist from where I sit. I sell apartment buildings here in NY. Further job losses and foreclosures will undo the improvements in the Case-Shiller numbers, assuming they are accurate and comprehensive. The New York Times, which was prominent in beating the drums warning about the impending real estate bubble, was surprisingly exuberant in reporting this story. NYT quotes Karl Case: “When I saw these numbers, I danced a jig,” said Karl E. Case, a co-developer of the index and an economics professor at Wellesley College. “It appears that the housing market is stabilizing quicker than people thought it would.” NYT waits until the last three paragraphs of its story for its on-the-other-hand cautionary note. WSJ, on the other hand, references Shiller’s caution up front in concluding that we’re out of the woods just yet. If unemployment numbers continue to kiss 10% for adult men, and foreclosures continue as more properties’ values go underwater, we’re probably not on the upslope of a V-shaped recovery. We’re probably approaching a double-dip recession. http://multifamilyinvestor.com/case-shiller-housing-numbers-improve-wsj-strikes-right-note-of-caution/

By: Bob

Bob — Mon, 31 Aug 2009 18:02:46 +0000

We are seeing a definite surge in sales and inventory is way down. Home prices have flattened out and in the lower price points they are starting to rise.

By: las vegas foreclosures

las vegas foreclosures — Sun, 30 Aug 2009 06:49:09 +0000

Well we are currently under 9000 available single family homes (resales) here in Vegas compared to ~over 21,000 a year ago:) (not counting the inventory banks are supposedly holding on to)

By: Ralph D Bredahl

Ralph D Bredahl — Fri, 28 Aug 2009 23:29:16 +0000

Thanks for all the info along with the interpretation

By: Joel Carson

Joel Carson — Thu, 27 Aug 2009 20:48:33 +0000

There are more indications that the economy is in the early stages of recovery. Even the National Association of Realtors is beginning to make encouraging conjectures in sync with Ben Bernanke’s assessment that the economy is beginning to turn around. Take all of the pieces of this puzzle and start putting them together. You’ll see a much prettier picture!

By: Brandon Green

Brandon Green — Wed, 26 Aug 2009 21:11:30 +0000

Glad to see my home turf of Washington, DC had a great quarter.

By: Al Lorenz

Al Lorenz — Wed, 26 Aug 2009 20:56:21 +0000

The last column is what is telling. In every metro area, June of 2009 is still below June of 2008. How is that a recovery? Seasonally, as KGSII noted, June is pretty much always a busier month than May. That isn’t news.

I would love to have great news for my clients, but this isn’t it.

By: KGSII

KGSII — Wed, 26 Aug 2009 18:03:46 +0000

The latest news on property data and Home Prices should not come as a surprise and we should not begin celebrating an end to the crisis. In our article Cyclical, Seasonal and Emotional, we discussed the three critical phases of real estate selling patterns that have attributed to the housing bust.

The latest news and public records indicate that these critical phases are performing to historical levels. That is, the summer seasonal market is showing a correction to the cyclical change that began in 2007. Now the million dollar question is, will the fall seasonal market (which affects Florida, Arizona and Nevada) continue to show recovery or will the markets pause until the next “Selling Season in 2010?”

Our report: Housing in Crisis (published in March 2009 at the AccuriZ website under Real Estate Reports) addressed the broader issue of excess housing. Again, there is good news on this front. The excess housing is being absorbed at an annualized rate of about 1 million units. Having a glut of 5 million units at the end of 2008, this means we have another three to four years before the overall markets start to recover.

Housing Recovery is the focal point here. We predict that the Northeast will continue to show stability, with modest corrections in local markets from 3% to 5% through the end of 2010. The Midwest remains strong and will experience similar stability. In the five biggest areas where excess housing still dictates selling patterns, we are predicting that Arizona will recover sooner than sections of Florida and Vegas.

The latest news on the housing market is not a surpirse. Recovery and Stability are the focal points and we should start to see signs of this in the upcoming months.

By: Gainesville Real Estate

Gainesville Real Estate — Tue, 25 Aug 2009 21:19:14 +0000

Doesn’t surprise me, this just solidifies the rise in activity we’ve seen the last few months.