Word: shiller
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...fall, bottoming by the end of this year, but it won't be until the end of 2010, maybe even 2011, that we'll see steady price gains," says Celia Chen, an economist at Moody's Economy.com. Chen and her colleagues predict that home prices, as measured by Case-Shiller, are due to drop some 30% from their early-2006 peak. We're only about two-thirds of the way there. (See pictures of Americans in their homes...
When it comes to the U.S. housing market, it's sensible to plan for the worst. The latest Case-Shiller Home Price Index for a 20-city composite showed that prices recorded a 1% drop in August and were down 17% for the past 12 months. Miami had a 2% monthly drop and a 28% tumble over the last year; in San Francisco it was ?4%, and ?27% for the year...
...picture is brightening in pockets of the country, where there are nascent signs of a bottoming: the rate of decline slowed in August, according to Case-Shiller, and in September, existing home sales rose 6% nationally. That means buyers are finally being lured to the market by low prices. In Los Angeles, and even in Miami, there is evidence that the housing market is lifting its head off the deck, even as foreclosures continue to pile up and prices edge downward. Some banks are grudgingly agreeing to short sales--that is, selling below the mortgage amount--and doing some workouts...
...there are nascent signs of a bottoming out. The rate of sales decline slowed in August, according to Case-Shiller, and in September existing home sales rose 5.5% nationally, which means buyers are finally being lured to the market by low prices. The big question: Will a recession that is gaining momentum break through housing's floor again? In other words, Is this real estate's dead-cat bounce...
...that you will not see a residential construction crane in the sky in downtown Miami for a generation," Zalewski told TIME. "Well, at least seven years," he said before modifying his forecast yet again. "Let's go with a decade," he finally concluded. Let's. The latest Case-Shiller Home Price Index for a 20-city composite showed that prices recorded a 1% drop in August and were down 16.6% for the past 12 months. Miami had a 1.8% monthly drop and a 28.1% tumble over the past year; in San Francisco, it was -3.5% monthly...