Coldwell Banker Premier Realty

Case-Shiller Rear View Mirror


Today's release reflects January, not exactly what we are seeing in real time
Posted: March 27, 2012 by John McClelland

Today the Case-Shiller numbers were released and in Las Vegas, as most cities, prices registered a decline. However, as one can see from the tiered indices below, those declines have recently been moderating. Since these figures reflect January, these numbers are likely to depart from what is being estabished now. Inventories, which are largely being held back artificially and because of legal and proceedural rigidities, are at extreme lows unseen since the boom days. As a result, multiple offers are the norm, not the rarity. Hence, when Case-Shiller numbers post in the early summer, they are likely to show more leveling. There is also the potential for a little bounce in the low-tier index, like we experienced during the homebuyer tax credit period.


Source: Standard & Poor's, mlxchange.com.

So, today there will be a lot of talk about home price declines, much of which is pretty accurate. Just keep in mind that a lot has changed in the past two months and buyers are having a challenging time competing with other buyers.

 

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