Home Price Update

I’ve taken to following all of the various home price indices less and less. Generally, they tend to be too macro and tell little about the dynamics of the various markets they purport to analyze. Naturally they’re backward looking, hence of marginal value in trying to figure out what’s going to happen. And I suspect that they are just plain wrong. Bulk REO sales aren’t reported, it can take months for individual bank owned house sales to show up on MLS and any write-downs of principal via loan modifications aren’t reflected in the numbers. In short, they’re becoming of little value. Nevertheless, for those of you who do like to follow this train wreck, here are the latest Case-Shiller numbers.

 Home Prices, by Metro Area

 

Metro Area    September 2008    Change from August    Year-over-year change   
Atlanta 122.72 -1.3% -9.5%
Boston 160.98 -1.1% -5.7%
Charlotte 130.40 -1.3% -3.5%
Chicago 147.84 -1.1% -10.1%
Cleveland 109.87 -0.6% -6.4%
Dallas 121.96 -0.8% -2.7%
Denver 130.96 -1.3% -5.4%
Detroit 90.17 -2.5% -18.6%
Las Vegas 146.58 -2.6% -31.3%
Los Angeles 184.54 -2.5% -27.6%
Miami 178.72 -2.6% -28.4%
Minneapolis 140.51 -1.0% -14.4%
New York 191.32 -1.0% -7.3%
Phoenix 139.79 -3.5% -31.9%
Portland 169.67 -1.3% -8.6%
San Diego 164.12 -2.4% -26.3%
San Francisco 145.53 -3.9% -29.5%
Seattle 172.84 -1.4% -9.8%
Tampa 171.24 -1.8% -18.5%
Washington 189.90 -2.2% -17.2%
Source: Standard & Poor’s and FiservData
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