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The bay area and nine other cities — Atlanta; Charlotte, N.C.; Chicago; Las Vegas; Miami; New York; Phoenix; Portland, Ore.; and Seattle — posted new index level lows for the third consecutive month, the index reported. Detroit posted a 1.0 percent increase in February over January, the only city in the index to gain monthly.
http://www.tampabay.com/news/busines...prices/1166068
Better to gain 1% then to lose 6%.
Proof, once again that once you've hit bottom, there is no where to go but up!
The key is the hitting bottom. The question would be is the growth from outside investors in cheap property to let it sit, driving the numbers.
Are these figures by city? Or by area?
There are probably lots of factors, including the houses the banks are quietly keeping off the market so prices don't go through the floor. Another bright spot: New home builds are almost at a standstill, at least keeping the overbuilt inventory stable, not growing.Quote:
Originally Posted by Richard
Real estate speculators play a role too. They can pick up real estate for dirt cheap giving the overall prices a "dead cat bounce".Quote:
Originally Posted by Detroitnerd
But what probably factored in the most is that Metro Detroit fell much farther than most other markets, so much so that actual prices in Metro Detroit today are lower than what they were in 2000. Only the absolute worse markets are worse less now than in 2000.
Here is a better interactive map, mouse over the bars on the right,it starts in 2001.
What happened to cause the upward spike in June and july in 2010?
Edit = Forgot that is when the 8k credit kicked in
http://www.nytimes.com/interactive/2...g-graphic.html
What Richard is reporting on is the Case - Shiller Housing Index and it covers a large area in order to get the proper statisical sampling. For example, the Index calls it "Detroit" but is covers 6 counties: Wayne, Oakland, Macomb, Livingston, Lapeer and St.Clair. A mix of urban, suburban and ex-urban.Quote:
Originally Posted by Detroitnerd
The CS Index set the year 2000 as the base year and used a starting point of 100 to make the mental math easier to compute appreciation/depreciation from the base year of 2000.
Here are some examples:
Composite of all 20 regions: 139.27 or 39.7% appreciation
Highest 3:
Washington, DC 181.33
Los Angeles 168.25
New York City 165.19
Lowest 4:
Atlanta 99.47
Cleveland 98.59
Las Vegas 98.28
Detroit 67.97
As you can see Detroit has the worst Index score of any of the 20 metro areas.
If we could magically begin to see 4.0% value appreciation [[compounded) for the next 10 years, then Detroit will get back to the Index of 100 -- about where Cleveland, Atlanta and Las Vegas are today.
There isn't a chance in hell that Detroit will have 4% annual appreciation per year over the next 10 yrs unless oil or gold is discovered under each property. Of course you aren't saying its possible. There are too many people leaving which kills the demand/supply curve.
Exactly my point - it is not possible.Quote:
Originally Posted by Ocean2026
I wrote my comments and did the calculation to explain just how different Detroit is from the rest of the national economy.
Change will only occur or a different direction will be taken, but only if you know where you stand. And from where we stand it is not pretty.
By the way, here is the link to the February 2011 results of the Case Shiller Index
http://www.standardandpoors.com/serv...obnocache=true
Interesting and informative thread. Excellent comments.