S&P Case Shiller Report is Up!
The S&P Case Shiller Report is considered the most accurate indication of housing trends. Tim had used the report a while back to try an prove a local slow down. However, after several months of flat prices, the S&P is showing record highs in Feb.07. Greater Seattle is now up to 184.85. They include all of King WA, Pierce WA, Snohomish WA. Local Seattle gains are even higher...
See:
http://macromarkets.com/csi_housing/MSA/seattle.asp
See:
http://macromarkets.com/csi_housing/MSA/seattle.asp
Comments
Meshugy, how many properties should I run out and buy this weekend?
You're saying that Seattle housing prices are at / near the peak and primed for a downward trend, right?
Seattle's home prices continue to defy a sinking national market, according to new data released Tuesday.
The latest figures, from Standard & Poor's S&P/Case-Shiller Home Price Indices, show Seattle-area house prices were up 10.6 percent in February from the same month in 2006 and 0.5 percent from January. Both were the largest increases of any of the indices' 20 cities -- most of which posted declines year-to-year and month-to-month.
The index is a composite of transactions in 20 metropolitan areas. Thirteen cities showed a year-over-year decline in prices, led by a 7.8 percent drop in Detroit and a 5 percent decline in San Diego. The area showing the biggest year-over- year gain was Seattle with an 11 percent increase.
Of the 20 areas covered, 15 showed declining home prices compared with January, while three showed an increase and two were unchanged. The biggest month-over-month drop was a 1.2 percent decline in Detroit, while the biggest gain was a 0.5 percent increase in Seattle.
Go Pink Ponies!
San Francisco and Boston have recorded negative returns on a month-over-month basis since last May. Seattle and Portland, Ore., meanwhile, have consistently resisted the downturn.
Other regions, even coastal, are not immune. They are not Special. They do not have industry. People do not want to live there. Most certainly, SF is not special.
Seattle is the most specialest place evar, and we are immune to broader economic effects from the rest of the country, and will remain buoyant in the face of stagnant/declining economies elsewhere.
On the other hand, we started a little late on this credit binge, so maybe we're just last to realize that all the partygoers have left the room. Whoops.
I certainly wouldn't want to be paying the bank for a property that I can only afford if we continue our YoY appreciation. I'd be nervous as hell, in fact.
New data released Tuesday show that Seattle-area house prices continue to defy a sinking national market, with the best year-over-year and month-to-month figures in February among 20 major metropolitan areas.
The latest figures, from Standard & Poor's S&P/Case-Shiller Home Price Indices, show that Seattle-area house prices were up 10.6 percent in February from the same month in 2006 and 0.5 percent from January. Both were the largest increases among the indices' 20 cities -- most of which posted declines year-to-year and month-to-month.
In Seattle, sales of all homes were up 1.9 percent in March from a year earlier.
It's too early to tell if prices will go down, but any decline would probably not amount to much, Crellin said. "I'm convinced we're going to have a softer landing than most other markets around the country."
Crellin pointed to the area's strong economy and its lower percentage of riskier loans than in many other areas.
Statistics from the national Mortgage Bankers Association and RealtyTrac, an Irvine, Calif., company, show that the percentage of subprime loans in Washington -- those for borrowers with weak credit -- delinquent mortgages and foreclosures are lower in than those for the country as a whole.
Crellin also noted that, while inventory has increased in recent months, compared with the same months last year, it is not high by historic standards.
Prices for S&P's 20-city index went up 12 percent in 2002, compared with just 4.1 percent in Seattle. The index shows that Seattle's price increases started to peak in early 2006, by which time increases in the composite indices were already declining.
"That would suggest you're just a little bit behind the other cities," Blitzer said. "The declines seem much too pervasive to argue any city's going to escape unscathed."
It's too early to tell if prices will go down, but any decline would probably not amount to much, Crellin said. "I'm convinced we're going to have a softer landing than most other markets around the country."
Case-shiller for "seattle" is based on King, Pierce, and Snohomish Counties.
King County sales were down 1.37% in March yoy. Pending sales were down 8%. I don't have the time to look up Pierce and Snohomish, but I'd bet you they are worse.
More crappy reporting by the PI reposted ad nauseum as spam on this blog.
oh, but I do love the big fonts and bolding. It lulls me into a false sense of security. Nothing to see here, move on.