Weekly Market Insight . S&P/Case-Shiller 20-City Home Price Index . 04/02/12

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S&P/Case-Shiller 20-City Home Price Index
3-Month Moving Avg., Not Seasonally Adjusted, Jan. 2000= 100
April 02, 2012
Sources: S&P Indices, Grubb & Ellis
The S&P/Case-Shiller Home Price Index 20-city composite hit a new cyclical low in January. The index was down by 0.8 percent from December, by 3.8 percent from January 2011 and by 34 percent from the peak in July 2006. Sixteen metro areas posted price declines in January while three areas — Miami, Phoenix and Washington, D.C. — posted small gains. Foreclosures, which account for 20 to 30 percent of total sales, are weighing down the index as are low levels of consumer confidence, tight lending standards and a generalized belief that prices have further to fall. The failure of the housing market to flourish in the past four years has been a big reason for the tepid economic recovery. The silver lining for commercial real estate is that apartment occupancies and rents have been rising as the homeownership rate has fallen. Expect home prices to level off later this year and begin a slow climb in 2013.
Robert Bach, Senior Vice President, Chief Economist, has 30 years of professional experience in real estate market research, consulting and city planning. His commentary on the real estate markets is provided here on a weekly basis.

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Robert Bach
Senior Vice President, Chief Economist

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© 2012 Grubb & Ellis, all rights reserved.

About CRE Northwest

Specialist in office & investment real estate in Seattle & the Eastside
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