PalmerEldritch Posted March 27, 2007 Share Posted March 27, 2007 http://www.bloomberg.com/apps/news?pid=206...&refer=home Home values dropped 0.2 percent from a year earlier, according to the S&P/Case-Shiller home-price index. The decrease was the first since the group started keeping year-over-year records in January 2001. Quote Link to comment Share on other sites More sharing options...
OzzMosiz Posted March 27, 2007 Share Posted March 27, 2007 (edited) It's a start, and may drive out speculators for our US cousins. Edited March 27, 2007 by OzzMosiz Quote Link to comment Share on other sites More sharing options...
House of Lords Posted March 27, 2007 Share Posted March 27, 2007 Remember that's y-o-y - they were much higher in the middle of last year so have probably dropped a few percent from the peak. Quote Link to comment Share on other sites More sharing options...
Bubble Pricker Posted March 27, 2007 Share Posted March 27, 2007 I am surprised that this has not attracted more attention on here. This is the first time US house prices have actually fallen year on year in a broad based indicator, not just in local areas. Quote Link to comment Share on other sites More sharing options...
OzzMosiz Posted March 27, 2007 Share Posted March 27, 2007 I am surprised that this has not attracted more attention on here. This is the first time US house prices have actually fallen year on year in a broad based indicator, not just in local areas. Must be lies, house prices only ever go up Quote Link to comment Share on other sites More sharing options...
kagiso Posted March 27, 2007 Share Posted March 27, 2007 (edited) I am surprised that this has not attracted more attention on here. This is the first time US house prices have actually fallen year on year in a broad based indicator, not just in local areas. Sentiment wise it is a very important indicator. Once the national YoY figure goes negative even the most foolish buyer thinks twice and the market just dissapears. Freefall from now on. Edited March 27, 2007 by kagiso Quote Link to comment Share on other sites More sharing options...
PalmerEldritch Posted March 27, 2007 Author Share Posted March 27, 2007 I am surprised that this has not attracted more attention on here. This is the first time US house prices have actually fallen year on year in a broad based indicator, not just in local areas. Looks like the Oil Tanker has finally slowed down, completed it's turn and started back the other way. Quote Link to comment Share on other sites More sharing options...
Warwick-Watcher Posted March 27, 2007 Share Posted March 27, 2007 http://www.bloomberg.com/apps/news?pid=206...&refer=homeHome values dropped 0.2 percent from a year earlier, according to the S&P/Case-Shiller home-price index. The decrease was the first since the group started keeping year-over-year records in January 2001. Is that an inflation-adjusted year on year ? If not then the true decline is more like 3% with US inflation taken into account. Quote Link to comment Share on other sites More sharing options...
PropertyGuru Posted March 27, 2007 Share Posted March 27, 2007 Is that an inflation-adjusted year on year ? If not then the true decline is more like 3% with US inflation taken into account. Good point *bump* Quote Link to comment Share on other sites More sharing options...
Oscar_Goldman Posted March 27, 2007 Share Posted March 27, 2007 It couldn't happen here though. Our market isn't nearly as over supplied as the US. They've raised rates far further than us and we have very little link to the US economy ps I am mad... Quote Link to comment Share on other sites More sharing options...
thedebtisreal Posted March 27, 2007 Share Posted March 27, 2007 I posted this on another thread, but the city by city breakdown is very interesting. Falling nominally San Fran down 1.39% New York down 0.1% San Diego down 4.22% Boston down 5.08% DC down 2.87% Detroit down 5.93% Cleveland down 2.40% Denver down 0.28% Minneapolis down 0.85% Falling in real terms LA up 1.99% Las Vegas up 0.74% Phoenix up 0.34% Dallas up 1.11% Tampa up 1.83% Atlanta up 2.91% Rising in real terms Miami up 6.06% Charlotte up 6.67% Portland up 9.92% Seattle up 12.11% Quote Link to comment Share on other sites More sharing options...
thedebtisreal Posted March 27, 2007 Share Posted March 27, 2007 It isn't inflation adjusted. Quote Link to comment Share on other sites More sharing options...
Killer Bunny Posted March 27, 2007 Share Posted March 27, 2007 I am surprised that this has not attracted more attention on here. Well, the media here is so house unfriendly... Quote Link to comment Share on other sites More sharing options...
PalmerEldritch Posted March 27, 2007 Author Share Posted March 27, 2007 I posted this on another thread, but the city by city breakdown is very interesting.Falling nominally San Fran down 1.39% New York down 0.1% San Diego down 4.22% Boston down 5.08% DC down 2.87% Detroit down 5.93% Cleveland down 2.40% Denver down 0.28% Minneapolis down 0.85% Falling in real terms LA up 1.99% Las Vegas up 0.74% Phoenix up 0.34% Dallas up 1.11% Tampa up 1.83% Atlanta up 2.91% Rising in real terms Miami up 6.06% Charlotte up 6.67% Portland up 9.92% Seattle up 12.11% Don't tell wishfulthinking...... (See The Deepest Housing Decline In 16 Years Is About To Get Worse thread) "Given the profit margins in housebuilding, developers can afford to continue building new properties and drop the price if necessary to secure a sale. The US does not have the same history of HPI that we do in the UK due to the fact they do not have the same supply constraints. That is why the recent run of HPI in the US has been so unusual, and has sucked in many speculators. The places that are suffering in the US are those which have had highest HPI and highest housebuilding (other than the mid-west, which is struggling from the downturn in the car industry). The big cities with markets most like the UK (New york, San Francisco) are still up YOY." Quote Link to comment Share on other sites More sharing options...
refusnik Posted March 27, 2007 Share Posted March 27, 2007 (edited) ...The gauges from the Commerce Department and the Realtors group can be influenced by changes in the types of homes sold. Higher sales of cheaper homes relative to more-expensive properties will bias the figures down... Duh, but have they? Or is this the last hope? I'd rather see it said as... ...Higher sales of more attractive and, therefore, more expensive homes relative to cheap bottom end properties will bias the figures up and make them look better than they are... Edited March 27, 2007 by refusnik Quote Link to comment Share on other sites More sharing options...
thedebtisreal Posted March 27, 2007 Share Posted March 27, 2007 Sorry forgot Chicago. Falling nominally San Fran down 1.39% New York down 0.1% San Diego down 4.22% Boston down 5.08% DC down 2.87% Detroit down 5.93% Cleveland down 2.40% Denver down 0.28% Minneapolis down 0.85% Falling in real terms LA up 1.99% Las Vegas up 0.74% Phoenix up 0.34% Dallas up 1.11% Tampa up 1.83% Chicago up 2.17% Atlanta up 2.91% Rising in real terms Miami up 6.06% Charlotte up 6.67% Portland up 9.92% Seattle up 12.11% Quote Link to comment Share on other sites More sharing options...
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