S&P Case Shiller Just Released

The S&P Case Shiller Housing Report was just released - CONTINUED GOOD NEWS!!

This mornings Case Shiller report is for the month of OCTOBER. In its 20 city composite, shows a 7.3% decline in home prices year over year. If you recall last year, it was in October 2008 that the Government hit the microphone and said we needed $700 Billion by Friday - or else. This freaked out our population, and we immediately saw a big drop in our business, and with it, home price declines. This number is reflective if this event, but since that time, we have seen home prices bottom.

WIth this report, we are seeing our home prices back to Fall 2003 pricing level. Our home prices did peak in the second quarter of 2006 and our bottom in this cycle happened in April 2009.

Isolating just the Washington DC city in this report, our year over year prices are only down 2.8%. The hardest hit market remains to Las Vegas, with a 26.6% year over year price drop, followed by Phoenix at 18.1%.

Remember, real estate is a LOCAL business. We are in a strong real estate market here locally. We are continuing with our lack of inventory - we are in a seller's market here with home prices on the rise here. We still need a little further home price improvement so our builders can get moving to meet our demand needs.

The S&P press release is here.

Please let me know what questions or comments you have.

Thanks,

Chuck