The rate of crash for real-estate prices nationwide has finally begun to moderate. Specifically, it dropped from -19% a year in March to -18% a year in April.
No, that’s not much to celebrate. But it’s a step in the right direction.
Of course, as your ever-optimistic neighbourhood realtor will tell you, real-estate is a local business: Each market is different.
What does that mean?
Well, in this case, it means that some markets are falling slowly, and other markets are falling like rocks.
It also means that some markets are falling more slowly than they used to be (a good sign) and some are still accelerating into the depths (bad).* The rate of collapse in some of the hardest-hit markets, in fact, is beginning to improve. In more sheltered markets like New York, meanwhile, the decline is accelerating.
How’s your market doing? Here’s a run-through of the trends in the 20 cities in the Case-Shiller index, ordered by current peak-to-trough collapse.
*Your realtor’s implication here–that YOUR market is about to start SOARING–is almost certainly a hallucination. What is remarkable about this real-estate crash is how synchronised it is: almost every market in the country rolled over at almost the same time. But if you’re lucky enough to live in Denver, Dallas, or Charlotte, the collapse is indeed much less severe than it is in, say, Phoenix and Las Vegas. But then you didn’t have the bubble boom, either.
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