With all of the economic turmoil, negative press, and genuine feeling of pessimism across the country about the real estate market, there are some bright spots as bottoms are being found. Minneapolis turned the corner as has Denver, Dallas, Detroit (OMG), Boston, and Atlanta.
Of course the bubble cities of Las Vegas, Phoenix, LA, San Diego, and Miami are struggling, but that is to be expected. Pricing in these cities are still out of whack even after the horrendous declines for potential homeowners in some and others just are still absorbing huge inventories.
So look at the Case Shiller numbers presented in a slightly different way from how the evening news will. They will lead with the worst while I will show the best we have to offer.
Jun 08 v Jul 08 Jul 07 v Jul 08 Minneapolis 1.93 -13.10% Denver 1.01 -4.70% Dallas 0.78 -2.50% Detroit 0.53 -16.70% Boston 0.27 -5.40% Atlanta 0.15 -8.20% Tampa -0.04 -19.40% Cleveland -0.32 -7.80% Charlotte -0.44 -1.80% Chicago -0.53 -10.00% Portland -0.82 -6.60% New York -1.47 -7.40% Seattle -1.77 -8.20% Washington DC -2.11 -15.80% San Francisco -2.95 -24.80% Miami -3.03 -28.20% San Diego -3.17 -25.00% Los Angeles -3.19 -26.20% Phoenix -4.1 -29.30% Las Vegas -4.36 -29.90% 20 City Average -1.46 -16.30%
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