Tuesday, 28th of October 2008 at 02:00:40 PMCongratulations Phoenix, we did it!! Case-Shiller numbers came out today and Phoenix ranked in the number 1 position. Okay, let’s talk about that in detail, it wasn’t the good #1 spot. But there is some good news in this.We ranked number 1 for highest loss in a 1 year period, down 30.7% in the last year. That is pretty bad, almost a 1/3 drop in home values according to Case-Shiller. Which is better than the 2-year loss of 36%, which puts us for a tie with Las Vegas.
Okay, so where is the good news, well, since January 2000 (the base year), we’re still up 44.83% appreciation, so over an 8-year period, we’ve appreciated 44.83%. That doesn’t rank us at the highest spot (Washington), but then again, we don’t have snow here.
For those keeping score, our index is currently 144.83.
What does this number tell you, if you bought a house last year, you lost 30.7% of value in the property, two years ago, 36%, 8 years ago, you gained 44%.
What does it tell you about the future, nothing, we could hit bottom, over the last month we’re down 2.9%, or we could continue a slid. Personally, I tend to think we hit the bottom and starting to bounce upward, but I have nothing other than experience my gut to tell me that.
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