September 29th, 2009 by Michael Oliver

Share This Post

Share on Facebook The Case-Shiller report just came out today showing home prices are going up in many of the 20 closely watched major markets Case-Shiller reports on. In those cities homes prices as an average went up 1.2% and that marks the third straight month that the Case-Shiller report has showed a net gain in real estate prices. Economists had expected a 0.5% increase from June to July of 2009. While the Case-Shiller numbers are always a couple months behind other reports it is considered one of the most accurate gauges of the real estate markets as it uses a unique formula to account for a lot of the inconsistencies normally found in comparing real estate values.

Of the 20 cities followed by the Case-Shiller report only two of them saw price declines in July. Those two cities were; Las Vegas, which reported a 1.1% monthly drop and the relatively unscathed Seattle market, which fell a moderate 0.1%. The closest market to Tucson that is tracked is Phoenix, and the Phoenix market showed a 1.8% price increase in July. This of course is after the Phoenix market fell 28.5% over the previous 12 months so it has a long ways to go just to erase last year’s losses but it’s headed in the right direction.

In listening to a lot of interviews Gary Shiller (one half of who the Case-Shiller report is named after) has done he’s somewhat pessimistic on the real estate market over the next year. He has a lot of issues with all the government incentives being offered and what it is doing to prop up a real estate market that would otherwise be in worse shape. To be honest I don’t think I have ever heard a Gary Shiller interview that was optimistic in any way so it seems like more of the same, however for the past couple years his assessments of the national real estate markets have been pretty right on. Hopefully this time Shiller’s assessments are not as on as some of his others in the past but there is a lot of government intervention in the real estate markets currently and most experts that understand what’s going on have serious concerns of how things are going to work when the government starts to pull out.

Share

case-shiller report, phoenix real estate news, real estate news, tucson real estate news