San Diego Housing Market News and Analysis
September Case-Shiller Numbers
Submitted by Rich Toscano on November 29, 2007 - 9:18pm
The high-priced tier dropped in September, as expected, but the low tier was positively abused:
For those curious about month-to-month drops, they are:
Recall from the prior article that the September HPI figures include sales from July and August as well as September. Considering the 3-month smoothing, drops like these (especially the low-tier drop) are pretty substantial.
From their respective peaks, the drops are:
Here are the same indexes adjusted for inflation as measured by the CPI:
The CPI-adjusted losses from their peaks (which are earlier, of course, than the nominal peaks) are:
Because the September data includes 3 months' worth of sales, only the very early effects of the credit crunch (round two) are represented. For that reason, I continue to maintain that the green line is going to do some catching up with its little friends in the months ahead.
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