Let’s go back a few posting and compare the indices that we had discussed back then. Yesterday, Case Shiller released their January numbers for the 20 metro areas that they track. Their composite index showed a year over year drop of 19 percent! Looking at month over month numbers, the index dropped by 2.8% from December 08 to January 09. This is in contrast to the 1.7% increase that was reported last week by Federal Housing Finance Agency’s monthly House Price Index. The FHFA index does not include relies on Freddie and Fannie data, so they do not include home purchased with mortgages too large or risky for those government organizations. So depending on which index you look at and track, things could be looking up or down. Being the optimist that I am, things are always looking up in my world Critics of the Case Shiller index say they rely too heavily on resales of distressed properties which the NAR says account for over 40% of existing home sales this year.
Case Shiller does have some “good” data for Denver CO real estate…looking back over the past 12 months, Denver is one of the top performing markets in the US, only down 5.1%…only behind Dallas who is down 4.9%.

Filed under: Denver Real Estate News