Top 10 Take-Aways from Case-Shiller August Report
There’s no way around the fact that the housing market continues to struggle. And as with any prolonged battle, you’ll have some good, some bad and some ugly news to report, and that’s just what I have from the latest August Case-Shiller report.
The Good News
* Sixteen of 20 cities tracked showed annual rate of change improvements in August ’11 compared to July ’11.
* Both the 20-City and 10-City composites are 3.8% and 3.9% respectively above their lowest points which were in April ’09 for the 10-City composite and March ’11 for the 20-City composite.
* The Midwest, particularly Chicago, Detroit and Minneapolis, have show the best rebound numbers with each city showing sharp increases since May.
* Detroit continues to be the shining star. Once one of the weakest markets with the worst price declines, as of August ’11, it’s the healthiest when viewed on an annual basis – up 2.7% vs. August ’10.
* Both the 10 & 20 City composites are up .2% versus July, with 10 out of the total 20 cities tracked showing improvements since July.
The Bad News
*Eighteen of the 20 Metropolitan areas tracked are still down versus year ago August.
* The 10-City composite is down 3.5% vs. year ago and the 20-City composite is down 3.8% versus year ago.
* Average home prices are where they were back in 2003 – which is an improvement, but humbling.
* From the June/July 2006 peak levels, the 10-City composite is still down 30.9% and the 20-City composite is down 30.8%.
* Las Vegas hit a new low in August and is now 59.5% below its August 2006 peak.
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