HOUSING RECOVERY: How's Your City Doing?

Housing bulls whipped them into a frenzy when the Case-Shiller numbers came out last week. 

For the second straight month, national house prices rose!

Housing bulls see this as the start of a marvellous “v-shaped” recovery.  Some of them are plowing every dollar they can into snapping up dirt-cheap foreclosures.

Housing bears, of course, think this is just a suckers’ rally–a “mix issue” caused by a seasonal boom in normal open-market sales.  Housing bears (we’re in this camp) think that house prices will start declining again this fall.

But in any event…

No one buys houses “nationally.”  They buy them locally.  And the other piece of good news in the Case Shiller numbers was that prices rose in July in 17 of the 20 cities tracked.

Where did prices keep falling?

Las Vegas, for one.  Hasn’t Las Vegas had enough bad luck in recent years?  

And Detroit.  No surprise there.  And as far as bad luck goes, Detroit’s got Vegas beat.

And Seattle–which is a surprise.

In every other big city, however, prices rose. 

And do you know what?  Those lucky bastards in Dallas have only seen their houses fall 5% from the peak!  What homeowner wouldn’t kill for that?

Ah well.  In the time we have left between now and when the bulls or bears are proven right or wrong, take a peek at how your city’s doing.  We’ve ranked them in order of month-to-month improvement from June to July. Enjoy it while you can!

HOUSING RECOVERY: See How Your City’s Doing >

Las Vegas, Nevada

Monthly Change (June to July): -1.85%

Peak To Trough: -55.3%

Current Rate of Collapse (Y/Y): -31%

Detroit, Michigan

Monthly Change (June to July): -0.39%

Peak To Trough: -45.3%

Current Rate of Collapse (Y/Y): -25%

Seattle, Washington

Monthly Change (June to July): -0.26%

Peak To Trough: -22.4%

Current Rate of Collapse (Y/Y): -15%

Charlotte, North Carolina

Monthly Change (June to July): 0.10%

Peak To Trough: -11%

Current Rate of Collapse (Y/Y): -9%

Portland, Oregon

Monthly Change (June to July): 0.52%

Peak To Trough: -20%

Current Rate of Collapse (Y/Y): -14%

Tampa, Florida

Monthly Change (June to July): 0.53%

Peak To Trough: -40.6%

Current Rate of Collapse (Y/Y): -18%

Boston, Massachusetts

Monthly Change (June to July): 0.55%

Peak To Trough: -16%

Current Rate of Collapse (Y/Y): -5%

Denver, Colorado

Monthly Change (June to July): 0.64%

Peak To Trough: -9.1%

Current Rate of Collapse (Y/Y): -3%

Dallas, Texas

Monthly Change (June to July): 0.64%

Peak To Trough: -4.9%

Current Rate of Collapse (Y/Y): -2%

Cleveland, Ohio

Monthly Change (June to July): 0.84%

Peak To Trough: -13.5%

Current Rate of Collapse (Y/Y): -1%

New York, New York

Monthly Change (June to July): 0.88%

Peak To Trough: -20%

Current Rate of Collapse (Y/Y): -10%

Miami, Florida

Monthly Change (June to July): 0.95%

Peak To Trough: -47.4

Current Rate of Collapse (Y/Y): -21%

Los Angeles, California

Monthly Change (June to July): 1.15%

Peak To Trough: -40%

Current Rate of Collapse (Y/Y): -15%

Phoenix, Arizona

Monthly Change (June to July): 1.18%

Peak To Trough: -54%

Current Rate of Collapse (Y/Y): -28%

Washington, D.C.

Monthly Change (June to July): 1.58%

Peak To Trough: -30.6%

Current Rate of Collapse (Y/Y): -10%

Atlanta, Georgia

Monthly Change (June to July): 1.59%

Peak To Trough: -20%

Current Rate of Collapse (Y/Y): -12%

San Diego, California

Monthly Change (June to July): 1.97%

Peak To Trough: -41%

Current Rate of Collapse (Y/Y): -12%

Chicago, Illinois

Monthly Change (June to July): 2.1%

Peak To Trough: -24.3%

Current Rate of Collapse (Y/Y): -14%

San Francisco, California

Monthly Change (June to July): 2.90%

Peak To Trough: -42%

Current Rate of Collapse (Y/Y): -18%

Minneapolis, Minnesota

Monthly Change (June to July): 3.09%

Peak To Trough: -32%

Current Rate of Collapse (Y/Y): -17%

Composite-20

Monthly Change (June to July): 1.15%

Peak To Trough: -30.6%

Current Rate of Collapse (Y/Y): -13%

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