{"id":4004,"date":"2009-01-27T06:17:31","date_gmt":"2009-01-27T14:17:31","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=4004"},"modified":"2009-01-27T07:35:47","modified_gmt":"2009-01-27T15:35:47","slug":"case-shiller-seattle-price-drops-continue-to-accelerate","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2009\/01\/27\/case-shiller-seattle-price-drops-continue-to-accelerate\/","title":{"rendered":"Case-Shiller: Seattle Price Drops Continue to Accelerate"},"content":{"rendered":"

It’s time once again for our monthly update to the Case-Shiller Home Price Index<\/a>. According to November data, <\/p>\n

Down<\/em> 2.5% October to November.
\nDown<\/em> 11.2% YOY.<\/strong>
\nDown<\/em> 13.6% from the July 2007 peak<\/p><\/blockquote>\n

Last year prices fell 1.4% from October to November and year-over-year prices were up<\/em> 1.8%.<\/p>\n

Here’s the usual graph, with L.A. & San Diego offset from Seattle & Portland by 17 months. After outperforming Seattle for 11 months, Portland finally turned in a larger YOY drop in November. It is definitely also worth noting that the YOY declines appear to be turning a corner in SoCal, with price drops coming in slightly less<\/em> negative than the previous month.<\/p>\n

\"Case-Shiller<\/a><\/p>\n

Note:<\/strong> This graph is not intended to be predictive<\/strong>. It is for entertainment purposes only.<\/p>\n

Here’s the graph of all twenty Case-Shiller-tracked cities:<\/p>\n

\"Case-Shiller<\/a><\/p>\n

In November, six of the twenty Case-Shiller-tracked cities experienced smaller year-over-year drops than Seattle (one fewer than in October). Dallas at -3.3%, Denver at -4.3%, Cleveland at -5.2, Charlotte at -5.3%, Boston at -7.4%, and New York at -8.4%. Phoenix took the largest year-over-year drop yet again, with prices falling just short of 33% in a single year.<\/p>\n

Here’s an update to the peak-decline graph, inspired by a graph created by reader CrystalBall<\/a>. This chart takes the twelve cities whose peak index was greater than 175, and tracks how far they have fallen so far from their peak. The horizontal axis shows the total number of months since each individual city peaked.<\/p>\n

\"Case-Shiller<\/a><\/p>\n

In the fifteen months since the price peak in Seattle prices have declined approximately 13.6%. Surprisingly, Seattle’s decline has tracked fairly closely to the pattern of price drops in Phoenix for a good seven months now. Eventually this is likely to moderate, unless the local economic news continues to get exceedingly worse.<\/p>\n

Here’s the “rewind” chart. The horizontal range is selected to go back just far enough to find the last time that Seattle’s HPI was as low as it is now. This gives us a clean visual of just how far back prices have retreated in terms of months.<\/p>\n

\"Case-Shiller<\/a><\/p>\n

Seattle’s Case-Shiller value for November 2008 of 166.23 came in just above its January 2006 value of 165.49. Prices have now “rewound” just one month shy of a full three years.<\/p>\n

Check back tomorrow for a post on the Case-Shiller data for Seattle’s price tiers.<\/p>\n

(Home Price Indices, Standard & Poor\u2019s<\/a>, 01.27.2009<\/em>)<\/p>\n","protected":false},"excerpt":{"rendered":"

It’s time once again for our monthly update to the Case-Shiller Home Price Index. According to November data, Down 2.5% October to November. Down 11.2% YOY. Down 13.6% from the July 2007 peak Last year prices fell 1.4% from October to November and year-over-year prices were up 1.8%. Here’s the usual graph, with L.A. &…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[8],"tags":[138,136,86,222,200],"coauthors":[],"class_list":["post-4004","post","type-post","status-publish","format-standard","hentry","category-stats","tag-behind-the-cycle","tag-california","tag-case-shiller","tag-graphs","tag-statistics"],"yoast_head":"\nCase-Shiller: Seattle Price Drops Continue to Accelerate \u2022 Seattle Bubble<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seattlebubble.com\/blog\/2009\/01\/27\/case-shiller-seattle-price-drops-continue-to-accelerate\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Case-Shiller: Seattle Price Drops Continue to Accelerate \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"It’s time once again for our monthly update to the Case-Shiller Home Price Index. 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