Tuesday, November 24, 2009

Case-Schiller report for Seattle area market

The Seattle-Times on-line is reporting on the release of the Case-Schiller report of housing activity by market.

"Home prices rose in 11 major cities, with the strongest gains in San Francisco and Minneapolis, according to the Case-Shiller report. That's a shift from the summer, when price gains were more widespread. In July, for example, prices were up in 17 cities.
In the Seattle-area market, which includes King, Snohomish and Pierce counties, the Case-Shiller index peaked in May 2007 and has dropped every month since. But in most of the nation prices started falling a year earlier, and some experts say Seattle's turnaround may come later as well.
Home prices fell by the most in September in Las Vegas and Cleveland. Compared with a year earlier, the 20-city index was down 9.4 percent, the smallest year-over-year decline since January 2008."

I agree that Seattle's recovery will be delayed. The area is not immune to global forces even though it was able to withstand the early pressure. Hope for price stability next year. I think we'll get it.