Here’s the local press’ take on yesterday’s Case-Shiller data. For the most part, the reports come across as suprisingly even-handed. The biggest exception to that was the P-I’s original headline for Mr. Cohen’s piece: Seattle-area home-price appreciation leads nation again. It has since been changed to the less misleading: Mixed news on home prices.
Home-price appreciation in the Seattle area led the nation for the 12th month in a row in August, but indications were not entirely positive, according to a national index report released Tuesday.
Prices in the Seattle area were up 5.7 percent from August 2006, according to the S&P/Case-Shiller Home Price Indices. That put the area just ahead of Charlotte, N.C., which had a 5.6 percent jump, making it one of just five areas where values did not decline.
But the Seattle area’s annual increase was the lowest in four years and August was the 18th consecutive month of declining annual appreciation. Also, prices decreased nearly one-tenth of a percent from July — the first month-to-month drop since January of this year and only the second since January 2003. The index defines the Seattle area as King, Pierce and Snohomish counties.
Aubrey also goes on to quote the same portion of the press release that I included in yesterday’s post where Robert Shiller says “There is really no positive news in today’s report.”
The Times piece was much shorter, and slightly more positive:
Seattle’s home prices have begun to decline, although on an annual basis they’re still outperforming major metropolitan areas, according to the monthly S&P/Case-Shiller home price indexes released today.
I wasn’t following the real estate market back in 2002-2003, but I wonder if the local press at that time put such a strong emphasis on Seattle home prices underperforming compared to most every other major metropolitan area? I have my doubts.
(Aubrey Cohen, Seattle P-I, 10.30.2007)
(“business staff,” Seattle Times, 10.30.2007)