Posts Tagged ‘Case-Shiller’

Richard Florida
by Richard Florida
Tue Jun 7th 2011 at 10:00am UTC

A Good Week for the Nation’s Capital (if not the Nation)

Tuesday, June 7th, 2011

This has not been the best week for economic news. The housing market lapsed back into a double-dip. The May jobs report showed the slowest private sector employment growth this year, with the average length of unemployment hitting its highest level on record.

But on all these indicators and more, Greater Washington DC flies in the face of the national trend. I’m not exaggerating:

  • Metro DC clocked the highest level of housing appreciation on the Case-Shiller Home Price Index, 4 plus percent, while every other metro is tanking.
  • Greater Washington posted the second lowest rate of unemployment according to the latest BLS figures, 5.4 percent, as many metros remain above 10 percent.
  • And DC households boast the nation’s second highest real household income, $61,449, when cost of living is taken into account, considerably more than Greater New York’s $34,931, which is the nation’s second lowest. Only McAllen-Edinburg-Mission, Texas fares worse.

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Richard Florida
by Richard Florida
Wed May 20th 2009 at 6:14pm UTC

Bottom Bounce

Wednesday, May 20th, 2009
Phoenix.gif

Is the Phoenix housing market starting to turn the corner? The LA Times thinks so (pointer via Planetizen):

Phoenix’s housing bust has turned into a quasi-boom, a sign that its market may have hit bottom and a sneak preview of what a national housing recovery could look like.

More homes are selling than at any time since 2006. Prices are slowly stabilizing. Buyers are once again finding themselves in frantic bidding wars – only this time over foreclosed houses selling at deep discounts rather than ranch homes listing for vast sums.

Not so fast. Phoenix, as the same LA Times story notes, had perhaps the biggest housing bubble of all. Prices have plunged from $268,000 in June 2006 to $120,000 – the sharpest decline of any metro tracked by the Case-Shiller home price index.

Looks more like bottom-feeding to me. Long-run recovery will turn on the region developing new industries and work that can replace the tens of thousands of jobs wiped out in real estate and construction.