Case-Shiller . . . Read it and weap

[Elliott]

Note the source of the data!

Home Prices, by Metro Area
Metro Area August 2008/ Change from July / Year-over-year change
Atlanta 124.82 -0.2% -8.5%
Boston 162.75 0.1% -4.7%
Charlotte 132.10 -0.8% -2.8%
Chicago 149.53 0.0% -9.8%
Cleveland 110.54 1.1% -6.6%
Dallas 122.90 -0.2% -2.7%
Denver 132.64 0.0% -5.1%
Detroit 92.44 -0.8% -17.2%
Las Vegas 150.52 -2.4% -30.6%
Los Angeles 189.18 -1.8% -26.7%
Miami 183.48 -1.8% -28.1%
Minneapolis 141.94 1.0% -13.8%
New York 192.84 -0.2% -6.9%
Phoenix 144.83 -2.9% -30.7%
Portland 171.93 -1.3% -7.6%
San Diego 168.23 -2.3% -25.8%
San Francisco 151.42 -3.5% -27.3%
Seattle 175.24 -0.7% -8.8%
Tampa 174.30 -0.4% -18.1%
Washington 194.86 -0.3% -15.4%
Source: Standard & Poor’s and FiservData

 

[VolcanoLvr]

Remember that these statistics are overall averages for the ENTIRE market area and for all types of housing, unless otherwise specified.

The numbers more than likely do not apply to a specific property assignment in a specific location within the entire market.

 

[Bama Bayou]

CS exaggerated the increase in values and now exaggerates the decrease due to their emphasis on markets in the west and Florida. Three years ago their data was dominated by flip sales. Now their data is dominated with unflippable foreclosures that have been sitting empty for three years.

 

[Elliott]

Bama said, Now their data is dominated with unflippable foreclosures that have been sitting empty for three years.

What? Fiserv doesn't understand what market value is? Tell me it isn't true.