NAR

S&P/Case-Shiller: Chicago-Area Home Prices Decline Again

Data through October 2012 from the Standard & Poor’s/Case-Shiller home price indices paints a not-too-pretty picture for Chicago-area residential real estate. Sandra Guy wrote on the Chicago Sun-Times website yesterday:

The Chicago-area housing market continued to lag national numbers, posting the largest non-seasonally adjusted single-home price decline — 1.5 percent from September to October and 1.3 percent year-over-year — of 20 major cities in the Standard & Poor’s/Case-Shiller national home price index released Wednesday.

Of the 20 cities, 12 saw housing prices drop.

(Editor’s note: Italics added for emphasis)

Recent rising prices have led to claims the U.S. housing market is in recovery-mode.

However, doubts remain. AnnaMaria Andriotis reported on the MarketWatch website on December 20:

But experts say that spike is largely due to the limited number of homes on the market. There were about two million existing homes available for sale at the end of November, which equates to the lowest housing supply since September 2005, according to the NAR. With fewer homes to choose from, buyers intent on purchasing a property are more inclined to offer a higher price or engage in bidding wars, housing analysts say, which ultimately drives prices up.

The problem is this limited inventory underscores a weakness in the housing market: Many sellers have resisted putting their home up for sale, out of concern that it will sell for far less than they paid for it, says Jack McCabe, an independent housing analyst in Deerfield Beach, Fla. That’s set off a domino effect. Because they’ve held off, supply has remained limited, in turn pushing prices up. “Prices have gone up in the last year because of this temporary, artificial market,” he says…

Separately, in some neighborhoods, median or average sales prices are rising because the mix of homes selling has been shifting toward higher-end, more expensive properties — not necessarily because the value of the typical home is rising, says Jed Kolko, chief economist at Trulia.com, a real-estate listing site. Sales of existing single-family homes priced at $1 million or more increased 52% in November from a year ago, a trend that’s been in play for most of the year, according to the NAR.

(Editor’s note: Italics added for emphasis)

More later on these doubts…

By Christopher E. Hill, Editor
Survival And Prosperity (http://www.survivalandprosperity.com)

Sources:

Guy, Sandra. “Chicago-area home prices see steepest drop nationwide: report.” Chicago Sun-Times. 26 Dec. 2012. (http://www.suntimes.com/business/17230482-420/chicago-area-home-prices-see-steepest-drop-nationwide-report.html). 27 Dec. 2012.

Andriotis, AnnaMaria. “The real meaning of rising home prices.” MarketWatch. 20 Dec. 2012. (http://www.marketwatch.com/story/the-real-meaning-of-rising-home-prices-2012-12-20). 27 Dec. 2012.

Tags: , , , , , , , , , ,

Thursday, December 27th, 2012 Housing, Recovery No Comments

Signs Of The Time, Part 25

As it concerns residential real estate in America, we’ve now gone from this…


“Suzanne Researched This Commercial”
YouTube Video

To this…

DEFENDING HOME OWNERSHIP

Home ownership is under attack. There are those who would take away programs that help people become home owners, remove tax benefits like the mortgage interest deduction, and make it more expensive to attain and maintain home ownership. The decision to own a home is a very personal one, but we believe that anyone who is able and willing to assume the responsibilities of owning a home should have the opportunity to pursue that dream.

-National Association of Realtors ad text on page 103 of the August 2011 issue of Popular Mechanics magazine

Tags: , , , ,

Tuesday, July 19th, 2011 Bubbles, Housing, Signs Of The Time No Comments
Survival And Prosperity
Est. 2010, Chicagoland, USA
Christopher E. Hill, Editor

Successor to Boom2Bust.com
"The Most Hated Blog On Wall Street"
(Memorial Day Weekend 2007-2010)

This Project Dedicated to St. Jude
Patron Saint of Desperate Situations



Please Rate this Blog HERE

happyToSurvive

Advertising Disclosure here. "Code Needed"=Promo Code Found On Advertiser Website. Ad Captions Last Updated 4/18/16.
ANY CHARACTER HERE
Remington Sale Ends 4/30
ANY CHARACTER HERE
Blade HQ Knives Blade HQ Review Coming Soon
ANY CHARACTER HERE
Buy Gold And Silver Coins Gold/Silver Sale, inc. Chinese Gold Pandas, 90% Silver Franklin Half Dollars (Singles/Rolls/Bags). BGASC Reviewed HERE.
ANY CHARACTER HERE
BullionVault World's Largest Online Investment Gold Service & Part-Owned By World Gold Council. BullionVault.com Reviewed HERE.
ANY CHARACTER HERE
Home Of "Survival Seed Vault" Premium Heirloom Survival Seeds. MyPatriotSupply.com Reviewed HERE.
ANY CHARACTER HERE
Nitro-Pak--The Emergency Preparedness Leader Wise Foods Sale, Up To 50% Off; Mountain House Sale, Up To 35% Off; Warehouse & Clearance Sale, Up To 70% Off! Nitro-Pak Reviewed HERE.
ANY CHARACTER HERE
Instant Upgrades! Up To $977.99 In Free Meals; Dehydrated Green Beans Up To 34% Off; Sampler Pack Now Only $25. Food Insurance Reviewed HERE.
Firefield Sale Ends 4/30
ANY CHARACTER HERE
Chief Supply Tactical Apparel and Gear for Law, Fire, EMS, Military and Outdoors @chief Tru-Spec 24/7 Series Pants 25% Off Thru 4/30; Free Bluetooth Speaker w/ Fatt Maxx 6"/8" Side-Zip Boots; 25% Off Propper Polo Shirts (Code Needed). CHIEF Supply Reviewed HERE.
ANY CHARACTER HERE
World's First Bulletproof Baseball Cap Only $129; Bulletproof Ceramic Plate (NIJ Level III Stand-Alone) Only $169; Bulletproof Backpack/Messenger Bag Panel Only $99. BulletSafe Reviewed HERE.
ANY CHARACTER HERE
Firearm Training Alternatives (Airguns/Airsoft). PyramydAir.com Reviewed HERE.
ANY CHARACTER HERE
40% Off All Orders Thru 4/20 12 PM PST (Code Needed). Airsoft Megastore Reviewed HERE.
ANY CHARACTER HERE
Survival Titles Save 20% 35% Off All "Deals Of The Week" Thru 4/18 (Code Needed). Paladin Press Reviewed HERE.
 

Categories

Archives

Prepper Website

RSS Chris Hill’s Other Blog: Offshore Safe Deposit Boxes

  • HSBC Implements Controversial New Rules For Its Hong Kong Safe Deposit Boxes
    Here’s a story I came across on the South China Morning Post (Hong Kong) website over the holiday weekend that might interest readers. Cannix Yau reported Sunday night: A barrister has accused HSBC of trampling on the concept of personal privacy by demanding the power to snoop on customers’ safe deposit boxes and dump “offensive” […]
  • Memorial Day 2016
    There will be no new material posted on Offshore Safe Deposit Boxes today in honor of the gallant men and women that served, fought, and died in defense of this amazing country of ours. New posts will appear tomorrow. Enjoy the remainder of this long holiday weekend. Christopher E. Hill Editor
  • New Additions To List Of Offshore Private Vaults
    Here are new entries to that list of offshore private vaults on my website of the same name: • Barcelona Vaults (Barcelona, Spain- opening June 2016) • Fish Brothers (London and its suburb Southall, England) • Montgomery Security Vaults (Lagos, Nigeria) • Panama Vaults (Panama City, Panama) • Safe Independent Co. (Pattaya, Thailand) • SINCONA […]
  • New York City Bank Safe Deposit Boxes Robbed Yet Again
    On April 13, I blogged about safe deposit boxes in an HSBC bank branch in Borough Park, Brooklyn, New York City, being robbed. In that post, I added: I wouldn’t go so far as to say New York City is suffering an epidemic of bank safe deposit box robberies, but regular readers of Offshore Safe […]
  • Degussa’s Next Numis Day
    Degussa, a leading international player in the precious metals world which also offers safe deposit boxes (for customers) at branches in Germany, Singapore, Spain, and Switzerland, has posted information about the next Numis Day (first blogged about here) at their Geneva and Zurich showrooms. From their website: The Next Numis Day We appreciate and appraise […]