That is the result of the latest Case Shiller data for January 2011: “The 10-City Composite was down 2.0% and the 20-City Composite fell 3.1% from their January 2010 levels.”
The chart below shows that we have now reverted back to price levels where housing markets launched into their vertical 3 year price rise.
What we have yet to erase is the excess speculation from the 2002 to 07 mania. Until that gets wrung out of the market, I doubt you will see a healthy Real Estate sector. That will only take place through a combination of lower prices, better holders and the elapsing of time.
The good news is that is happening. The bad news is its a slow painful slog . . .
(As always, click for ginormous chart)
One of 20 areas (D.C.) rose last month, preventing another shutout (one of 20 rose in each of December (Cleveland) and November (San Diego); all 20 declined in October).
Here’s how far back each of the 20 areas (and the 10 and 20) have fallen:
And all 20 metro regions on one chart:
A summary of the monthly changes using the seasonally adjusted (SA) and non-seasonally adjusted (NSA) data can be found in the table below.
Source: Standard & Poor’s and Fiserv; Data through January 2011
Originally published at The Big Picture and reproduced here with permission.