Home Values Up in May 2011

By
Mortgage and Lending with Van Dyk Mortgage NMLS:98535,Corp 3035

Standard & Poors released their 05/11 Case-Shiller Index this week. The index measures change in home prices from month-to-month, and year-to-year, in certain U.S. cities.

May’s Case-Shiller Index showed a 1% increase from 05/11. Home prices rose in 16 of the Case-Shiller Index’s 20 cities.  The cities that did not see an increase, Detroit, Las Vegas and Tampa, saw a decrease in value while Phoenix was flat.

Don’t look too into  into the numbers, though. Like the FHFA’s Home Price Index, the Case-Shiller Index is full of   flaws.

The first  such flaw of the Case-Shiller Index is its limited sampling space. Despite being billed as a national housing index, Case-Schiller Index gets its data from  just 20 cities around the country.  That is just 20 of more than 3,000 cities and towns nationwide.

The second flaw is that it only reviews the prices  for single-family, detached homes in its findings. It does not consider Condominiums, multi-family homes, and new construction in the Case-Shiller Index.

In some markets, these excluded home types outnumber the included ones.

Furthermore, the Case-Shiller Index is flawed in that it is two months behind, taking a full 60 days to release.

The Case-Schiller Index reports on a housing market from 2 months ago — hardly helpful for today’s buyers and sellers in Louisiana, Alabama and Tennessee trying to make sense of today’s real estate market data. 

When you want real-time housing market data, therefore, look past any National  Index and talk to a real estate professional instead. It’s where you’ll get your best, most  current and relevant information.


Contact me and I will happy to introduce you to one of the realtors I work with. 

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Ambassador
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Charlie Ragonesi
AllMountainRealty.com - Big Canoe, GA
Homes - Big Canoe, Jasper, North Georgia Pros

This is good news. Now if congress can get their thumb out of their butts and do what we elected them to do maybe we can continue to grow

Jul 28, 2011 03:03 AM #1
Rainmaker
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Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

The picture you present is a good one. However, it is only a part of what is needed to make us whole. Don't forget jobs. No matter what type of Real Estate is out there, it has to be paid for somehow...thank you

Jul 28, 2011 03:07 AM #2
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