When you look back at this period of real estate history in the United States you will have to wonder how we kept our sanity. The picture of the stockbroker jumping out of the window is the image from the Great Depression. What will be the image of the Real Estate agent who went through the housing boom and then the losses we are looking at today.
The Case Shiller report for February, 2009 is out and the month over month numbers are ugly across the board, the year over year numbers are scary in many of the markets, but the numbers I dug up from the data is really freaky.
From July, 2006 (the peak of the market numerically) we have 6 major markets down more than 40 percent with Phoenix being down over 50%. With Tampa and Detroit hovering just under the 40 percent line and Washington and Minneapolis down around 30 percent, we have just seen a bubble burst.
Some have been calling a bottom now for a while, I came close a couple of times, but when do you think it will happen? And will it occur before or after inflation starts running rampant devaluing the homes even more?
Metro Area Feb09 Jan09-Feb09 Feb08-09 Jul06-Feb09
Phoenix 111.89 -4.50% -35.20% 50.79%
Las Vegas 121.06 -3.60% -31.70% 48.33%
San Francisco 120.39 -3.30% -31.00% 44.68%
Miami 154.28 -3.00% -29.50% 44.57%
San Diego 146.82 -1.00% -22.90% 41.05%
Los Angeles 163.16 -2.00% -24.10% 40.42%
Detroit 74.6 -3.80% -23.60% 39.47%
Tampa 145.25 -2.70% -23.00% 38.99%
Washington 168.02 -2.30% -19.20% 32.77%
Minneapolis 116.39 -3.10% -20.30% 31.83%
Chicago 126.3 -3.40% -17.60% 24.63%
Atlanta 106.65 -2.50% -15.30% 20.94%
Cleveland 97.76 -5.00% - 8.50% 20.84%
New York 178.16 -1.60% -10.20% 17.23%
Boston 148.77 -1.30% - 7.20% 16.32%
Portland 150.88 -1.90% -14.40% 16.02%
Seattle 152.12 -1.50% -15.40% 15.47%
Denver 120.22 -1.70% - 5.70% 14.29%
Dallas 112.39 -0.30% - 4.50% 10.35%
Charlotte 118.94 -1.60% - 9.40% 7.05%
Full Case Shiller Report
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