Tuesday, May 26, 2009

Portland Home Values: The March Case-Shiller Update

From the Case-Shiller Home Price Index for March 2009, some lovely pictures.  First the raw data:

Still shows a serious erosion of home values in the winter of 2009.  Here is the year over year percentage change in home prices:

These are still declining for Portland and Seattle but the 20 city composite may be leveling off and even turing upwards.  These data are too old to assess the current situation with summer approaching and mortgage rates incredibly low.  But again, unemployment is very high, so where is the demand going to come from?

The Wall Street Journal article has a nice interactive graphic and also reports on the jump in consumer confidence - which with the increase in the leading indicator improvement give optimists like me some small hope that the end of the decline may be here by the end of the year.  Then it'll just be the digging out that we'll have to worry about (and probably for years).


pedro said...

I think the dates are off in the second graph. Perhaps the mac date issue (4 years is its signature). Or, it's a forecast and I'm really scared!

Patrick Emerson said...

Oops, I think that is my fault. When I cut and pasted the data to calculated the percentage changes, the date format got messed up and I thought I fixed it, but did not look closely enough. Sorry.

The dates are the same as in the chart above.