The Case Shiller report for October, 2008 has been released and as expected the numbers look rough. With the credit crisis in full swing in October and the traditional housing selling season over, sellers that did sell took it on the chin in the 20 metro markets Case Shiller analyzes.
What is interesting to me is that for some markets the decline in the last month is almost the complete decline for the past year. Charlotte lost 3.38% between September and October but only lost 4.45% for the year. Dallas was down 2.39% and 3.04% for the same periods.
The credit crunch is the next wave of pain for home sellers and it is being felt in areas that previously had been immune to pain.
Case Shiller Index For October 2008
City Year 6 months 1 Month
Phoenix -32.65% -27.15 -5.61 Los Angeles -27.93% -23.63 -5.72 San Diego -26.68% -22.44 -6.00 San Francisco -30.98% -26.19 -7.09 Denver -5.17% -0.44 -2.91 Washington -18.74% -17.4 -6.07 Miami -29.03% -28 -6.30 Tampa -19.84% -14.06 -6.80 Atlanta -10.53% -4.85 -3.94 Chicago -10.81% -5.94 -3.35 Boston -6.00% -0.51 -2.81 Detroit -20.39% -8.66 -5.07 Minneapolis -16.29% -4.73 -5.76 Charlotte -4.45% -4.79 -3.38 Las Vegas -31.68% -24.32 -5.01 New York -7.53% -5.69 -2.74 Cleveland -6.18% -1.79 -2.11 Portland -10.08% -9.43 -4.23 Dallas -3.04% -0.78 -2.39 Seattle -10.22% -10.12 -3.39
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{ 4 comments… read them below or add one }
Wow–it’ll be interesting to see what these figures do for the rest of 2008.
its going to be intresting to see the totals for the year. I'm excited about 2009, there are some great deals out there, i'm suprised so many people are holding off still.
Yes, there are some deals out there. While there are some deals out there, I'm an agent looking for a house and I still think homes are generally over-priced. Personally I think 2009 will be flat. Not as bad as 2008 but still a slow year. Hopefully I find my deal before it picks up.
WOW…is all what I can say. Hope everything works well in 2009 and all deals become successful.