The Case-Shiller Home Price Indices is the leading indicator of home price trends. In Charlotte, home prices have hit a new low and prices continue to slowly drop. Nationally, prices are back to the 2002 levels. Only Washington DC in March 2011 showed a positive trend in prices. This is representative of the artificial market created by the federal government and all of the companies that rely on the federal government for work. The supply is limited in Washington DC and the demand continues to rise!
No wonder career politicians don’t see nor feel our pain!!!
Remember, every market is different and the supply-demand curve doesn’t always follow the national trends. For example, Charlotte’s price decline has not been drastic since the height of the price bubble was not drastic. Charlotte’s housing market seems to lag the national trend.
The decline in housing prices now is a direct result of the banks pushing foreclosures from last year to this year due to the “papergate” scandal.
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