Minneapolis MN Case Shiller Home Price Index July 2011, Released Sept 27, 2011

The much-anticipated Case-Shiller Home Price Index was released this morning.  Both Composite 10 and Minneapolis show signs of  improvement.

Below is a list of the Metro areas including Minneapolis.  Minneapolis saw a 2.6% increase for July/June and 3.5%  increase for June/May.  However we are still showing a -9.1% 1 Year Change in home values.  Minneapolis has led the largest price declines this year, but now we are showing strong increase.  This may support my theory that we have been purging our distressed inventory quicker than the national average and may set the stage for a quicker recovery for our market.

The Composite 10 Metro areas show only a -3.7% 1-Year Change, and only 0.9% increase for July/June and a 1.1% increase for June/May.

The table below summarizes the results for July 2011.
The S&P/Case-Shiller Home Price Indices are revised
 for the 24 prior months, based on the receipt  of
additional source data. More than 24 years of history
 for these data series is available, and can be accessed
 in full by going to www.homeprice.standardandpoors.com

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9 responses to “Minneapolis MN Case Shiller Home Price Index July 2011, Released Sept 27, 2011

  1. Craig,Craig,Craig……I really appreciate the optimism, but prices are still down 10% for the year. With low interest rates, rock bottom prices, real estate is at close-out prices, and we still haven’t been able come off of our lows. But like you say, maybe, just maybe, this time it’s the real bottom.

    I don’t know if you have ever watched Cramer on CNBC (I’m not a big fan), but several months ago, I think it might of been a year ago, he thru Case/Shiller under the proverbial bus. He stated emphatically that real estate had bottomed and they didn’t know what they were doing and were a bunch of idiots (my words).

    Keep up the optimism; sooner or later you’ll get me to change my view.


    • Like I said, Blinding Optimism and Denial are the only things keeping me going! I didn’t hear that, but I did hear something along the lines that Case had stated we were at the bottom and we dropped another 10 points after that..
      I agree with you that we are not at the bottom yet, but I do believe we are bouncing near the bottom. (assuming we don’t get hit with more unemployment and a new wave of foreclosures..)
      The market seems to be have stopped its free-fall, for now anyhow… Just curious if anyone ever spoke after the Great Depression, “you know he was smart, he bought real estate on January 4th, 1937 at 1:03pm – the absolute bottom, or did they say “he was smart, he bought real estate during the Great Depression”? (I do think it is a great time to buy real estate…)

      There was an interesting chart posted today from the National Assoc of Realtors (click here for article)
      I thought there representation of the Consumer Confidence was interesting. How do you get consumer confidence back??

      • Jobs! Jobs! Jobs! A sense of security and direction.

        PS I did my daily (almost daily) blog search and you came up on page five for the first time. Great Job!

      • That’s great. I bet it was the S&P downgrade post – I have been getting a ton of hits on that another blogger linked to it.

        Jobs, Jobs, Jobs. …I don’t think that is with in reach yet. Maybe the 2012 elections will shake things up.

    • Just looked at the chart closer on NAR’s link I replied with… What do you make of that? I am thinking since consumer confidence seems to lead, it looks like it is pointing to another decline. Maybe we have just ONE more big drop on rollercoaster ride??

  2. Your link sent me to NAR’s Case/Shiller graph.

  3. Holy cow batman, my eyes are getting tired. I guess I’ve never really paid much attention to the Consumer Survey; it’s like all of the matrixes, if you try to understand them all you’ll get dizzy. I like to believe what my own eyes and ears are telling me; and by the looks of it, I’ll probably need glasses and a hearing aid.

    • I am having a hard time understanding what I am seeing/reading here too. I think I need to “noodle” this one awhile longer… Was hoping you could confirm or knock some sense into me on what I think I am seeing..

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