South Lake Tahoe, CA home prices stable for last 11 months… but have declined by 36% since market high.
(Lake Tahoe Real Estate Blog / August 31, 2010 / Richard Bolen)
Today’s somewhat better national housing news comes via various media outlets, and it is based on the current Standard & Poor’s / Case-Shiller 20-city home price index released this morning. Here we’ll focus on what the Associated Press and CNNMoney.com has to say, then we’ll compare to South Lake Tahoe.
- First here’s a synthesis of the bullet points in today’s real estate news:
- Home prices gain 3.6% in the past year.
- Home prices gained 1% in June (compared to May)
- Home prices were up 4.4% in the second quarter compared to the first quarter in 2010.
- Nationally, prices have risen 6% from their April 2009 bottom. But they remain 28 percent below their July 2006 peak.
It is speculated that these increases are largely due to the recently expired home buyer tax credit. The CNNMoney.com article comes with doom and gloom predictions from several economists. Lets see some bullet points from them:
- Since the home buyer tax credit expired, housing has been an “Acapulco-sized cliff dive.”
- Prices will slowly deteriorate in the upcoming months.
- Home prices could be much lower a year from now.
- An inventory glut, a new foreclosure deluge, and unemployment will cause prices to come down.
Before we compare this report to South Lake Tahoe, we feel it’s important to note that all of us have seen similar negative predictions from various economists and media outlets for at least the last 20 months or so. These such reports cite essentially the same reasons for further housing value declines. We recently reported on this here, here and here.
(full Associated Press article, full CNNMoney.com article)
What About South Lake Tahoe?
Lets look at the numbers for both sides of our stateline, and then we’ll compare in a following summary.
Continue reading “US Home Prices Up… so What about South Lake Tahoe?” on our main blog.
Other posts that may be of interest:
August 27, 2010: I Woke Up this Morning… to the South Lake Tahoe Blues.
July 1, 2010: South Lake Tahoe Foreclosures: No Change Yet.
May 15, 2010: Where is the New Foreclosures Deluge?
November 15, 2009: Foreclosure Filings Down in October, what does it mean?
November 24, 2008: Sometimes South Lake Tahoe and National Real Estate Trends just don’t Jive
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