Case Shiller Index Unchanged Year Over Year
Case Shiller data through January 2010 was down only 0.7% versus January 2009.
The report was mixed. There were improvements in the year-over-year data for all 20 cities, but the Fall 09 rebound in housing prices is fading. Fewer cities experienced month-to-month gains in January than in December 2009.
In four cities – Charlotte, NC, Las Vegas, Seattle and Tampa – prices reached new crisis lows. Tampa and Las Vegas experienced some of the largest gains and declines in this cycle, while Charlotte and Seattle had more modest price swings.
The peak-to-current declines for Charlotte, Las Vegas, Seattle and Tampa are -13.8%, -55.8%, -24.6% and -42.0%, respectively.
In a pique of understatement, Case Shiller/S&P noted that “Home sales suggest the market remains difficult.”
Source: S&P/Case Shiller
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March 30th, 2010 at 10:16 am
But seriously…why would anyone want to live in Vegas, Tampa, or Charlotte? Those are all crappy places to live.
March 30th, 2010 at 11:17 am
@f411: Spoken like a true coastal snob. ;-)
I would agree though – none are high on my list but I’ve only been to Vegas (can’t imagine why ANYONE would live in that awful city), and not to Charlotte or Tampa, so I’ll try not to judge until I’ve been there.
March 30th, 2010 at 11:23 am
Well, at least for now the S&P Web site is inaccessible:
http://www.standardandpoors.com
at least from my perch in Seattle.
March 30th, 2010 at 11:41 am
Vegas, Tampa and Charlotte all have one thing in common: Sunshine
FMM, I’d take Charlotte over the other two.
March 30th, 2010 at 12:04 pm
“Home sales suggest the market remains difficult.”
Ain’t nothing that price won’t fix.
March 30th, 2010 at 12:08 pm
I lived in Charlotte for 4 years, during boom times when growth was everywhere and bankers were free-wheeling it…I can’t speak for how things are to live there now, but when I stayed there a couple days over the New Year’s holiday, it was a lot quieter. Restaurants were less crowded, and homes were for sale everywhere.
Still a nice place to live if you are raising a family. I just think the economy was so heavily tied to banking, that they have a lot of suffering to do. I am in Birmingham now, and while this economy is also tied heavily to banking, it never is that great to begin with. When the banking downturn hit, it just hit the mid-to-high level banking focus. The poor folks never notice much of a change anyway.
Like the country song said “somebody told us wall street fell, but we were so poor that we couldn’t tell”.
March 30th, 2010 at 12:40 pm
[...] of stabilization in the housing markets. (Calculated Risk also Big Picture, The Reformed [...]
March 30th, 2010 at 12:48 pm
It’s amazing what results you can buy with billions of taxpayer dollars.
March 30th, 2010 at 12:49 pm
@Mike: Likely not the most efficient and effective use of taxpayer dollars though.
March 30th, 2010 at 12:59 pm
Dear Lord Baby Jesus, lying there in your…your little ghost manger, lookin’ at your Baby Einstein developmental…videos, learnin’ ’bout shapes and colors…
We pray that our Charlotte home price goes back up.
Ricky Bobby.
March 30th, 2010 at 1:54 pm
“If you ain’t first you’re last? Son, that’s the stupidest thing I ever heard. If you ain’t first, well, you can be second or third, or hell, even fifth. I musta been high when I said it.”
Ricky Bobby’s Pa
March 30th, 2010 at 2:30 pm
well-
let’s see- I pop into TBP to get some wisdom- some nuggets of truth-
and who is being quoted- well Ricky Bobby of course- and his father-
I am now enlightened(-:!!!
March 30th, 2010 at 2:48 pm
To ahab, a quote for you:
“All that most maddens and torments; all that stirs up the lees of things; all truth with malice in it; all that cracks the sinews and cakes the brain; all the subtle demonisms of life and thought; all evil, to crazy Ahab, were visibly personified, and made practically assailable in Moby Dick. He piled upon the whale’s white hump the sum of all the general rage and hate felt by his whole race from Adam down; and then, as if his chest had been a mortar, he burst his hot heart’s shell upon it.”
Chapter 41, Moby Dick
March 30th, 2010 at 4:35 pm
TC-
Melville sure didn’t sugar coat how old Ahab felt about the White Whale!
however- there are many in Congress and Wall Street that I take the same ill view of-
and a harpoon- well that may just be the perfect way to express my feelings(-:!!!
March 30th, 2010 at 4:50 pm
Oooo. Are we going to go positive next? I can’t see why not at this point. The cost of building a house is still high because of the labor costs and that doesn’t seem to be changing so I no longer see a big argument for falling prices. Sure not everyone can afford a huge house that they were able to buy in the peak times but it doesn’t mean they are completely unaffordable either. Of course I wouldn’t buy the builder stocks here, they are still way to expensive.
March 30th, 2010 at 4:54 pm
Uhh… ok, goodbye.