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Dare we hope?

Posted by Jeff Edberg on October 10, 2008
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S&P/Case-Shiller Metro Area Home Price Index (CSI) for Composite

I ran across this Case-Shiller housing index graph. We are all painfully aware of the current news with failing banks and failing countries! The Dow has lost almost 40% of its value this year and the housing market is taking the blame for it all.
This chart shows the historic values from 1990 to the present, and as we know, the housing market across this country has lost about 17% of it’s value this year. But, look at the last 3 ticks. The forecast is going up in 2009 recoving about half of this years loss. No one knows for sure what will happen, but amid all the frightning news it is nice to see something positive. It looks like we may turn this ship around after all and not have to pick out a nice cave to live in!
Through out all of this news, keep in mind that the Iowa City market gained 3% in 2007 over 2006 and it looks like we will have a similar gain in 2008 over 2007.
Stay tuned!

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