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Skiing in Steamboat Springs is pretty good because of the snow making machines.
If only there was some magic wand to wave over the housing market so things would start to pick up and stay up. The Case-Shiller October Home Price Index is not showing any news we can feel good about on a national level. The October report yields the following less than optimistic news:
19 of 20 cities showed home price decreases versus September numbers
Versus October 2010, the 10 and 20 city composites posted annual returns of minus 3.0% and -3.4% respectively
Versus September 2011, the 10 and 20 city composites were down 1.1% and 1.2% respectively
Four markets (Atlanta, Cleveland, Detroit, Las Vegas) show prices below their January 2000 levels, while Atlanta and Las Vegas posted new lows in October
Both the 10 & 20 city composites are barely above their all-time lows and from their peaks, the 10 city composite is down 31.9%, and the 20 city composite is down 32.1%
Case-Shiller October Price Index from Steamboat Homes
fall is typically a slow sales period for homes after the busier late spring and summer months
loan qualifications are rigorous and higher down payments are required by most banks
would-be buyers lack confidence that the housing market has bottomed out, so they are waiting it out
Given 2012 is literally just around the corner, and it’s an election year as well, there will be many economic trends and political maneuvers to watch as we turn the calendar page. While we may remain on the roller coaster for a while, it’s my hope that everyone stays on for the ride because there are great values to be found, and like the snow that’s inevitable in Steamboat Springs, Colorado, the market turn-around will happen, and not a moment too soon.
Charlie Dresen: Providing localized and professional information about real estate and Steamboat Springs, Colorado.
Originally from Seattle, Washington, Charlie relocated to Steamboat with his wife Carol and their son, Finn. Charlie is a second generation realtor and is proud to be a member with the Prudential Team here in Steamboat Springs. After graduating from Whitman College in Walla Walla, Washington, Charlie worked in the high-tech industry in Seattle for several years before deciding to follow his father's lead and began his career in real estate.
View all AR Posts By Charlie Dresen
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.