2nd Clear Capital Report - Early Seasonal Slowdown as U.S. Home Prices Decline and Weaker Markets Head for Big Chill

[mEDITate-OR:
still think that "Go West...!"
makes any economic sense...

Not only is the West suffering increased/worse unemployment...
but, if this report is correct, RE tis gonna get a lot worse.
Note: Tucson & Phoenix are 3 and 5
AND: Portland & Seattle are now 6 and 7
MOG.
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"With the effects of the recession still being felt by home buyers and sellers, the lack of demand is causing strong markets to lose their upward momentum, while sending weak markets into double dip territory.
National prices are still 10 percent above their 2009 lows, so the risk of new record lows this year remains small."
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Report highlights include:
National / Four Region Overview: Nationally, quarter-over-quarter home prices dip into negative territory (-0.2%). All four regions did retain their year-over-year price gains, but this slowdown appears likely to mark an early onset to the typically weaker markets of fall and winter.
Metropolitan Statistical Area (MSA) drilldown: A home pricing slowdown was broadly felt even among the highest performing major markets, as quarterly price gains deteriorated in fourteen of the fifteen markets compared to last month's report. All 15 of the lowest performing major markets experienced negative quarterly price changes for the first time since June. REO saturation rates in these lowest performing markets are rising, up 2.9 percentage points on average over last month's report.
Micro Market Analysis: After large price declines between 2006 and 2009, the Providence, R.I. MSA has rebounded to enjoy a 9.7 percent increase in home prices this year. Cranston (ZIP 02920) outperformed the rest of this MSA, experiencing a 13.2 percent gain in home prices, while Warwick (ZIP 02886) experienced a -20.7 
percent price change, making it the worst performing market in the area.
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All Markets Back in Negative Territory
All 15 markets on this list experienced a negative quarter-over-quarter price change for the first time since June's report.
REO saturation moved upward in these markets, rising 2.9 percentage points on average over last month's report.
Tucson and Phoenix, Ariz., Atlanta, Ga., and Las Vegas, Nev. once again remained among the top ten lowest performing markets, and continue to face large (on average 44%) and growing (up 4.0% on average from last month) REO saturation rates.
California markets dropped from the lowest performing major markets list, not due to great performance, rather the dismal price changes in markets outside the West.
With the growing number of markets now showing a downturn in home prices, REO saturation is moving upward as well. In markets where REO saturation influences are returning, prices are likely to suffer disproportionately from the national trend in upcoming months—possibly pushing these markets into double-dip territory.
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Clear Capital Reports Early Seasonal Slowdown
as U.S. Home Prices Decline and Weaker Markets Head for Big Chill
http://www.clearcapital.com/company/MarketReport.cfm?month=October&year=2010
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