Clear Capital Reports 4.1% Drop in Home Prices in 2010 - with 70 percent of major markets reporting price declines for the year & forecast another 3.5% drop

[mEDITate-OR:
feel yourself teeter-totter, a lot
and not know where or why...
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NOTE: the insert in the first graph, this is what CC says about that
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Clear Capital describes the movement in home prices during 2010 as “turbulent,”
with prices increasing 9.7 percent over a 21 week span (late March to mid August)
only to be followed by a decline of 9.4 percent over the following 19 weeks (September to December).
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In the 1st chart and in the National map
you can see that LOCATION means everything - last year & this one too
see the insert on the map - as you move West the declines increase, a lot
Why Tucson & Phoenix are the worst is not explained.
Nor why San Francisco is going to drop, when this year the Bay area went up a lot.
But, clearly (no pun intended) Clear Capital forecasts a very difficult year.
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Some very interesting observations, from CC:
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2010 marked another year of price declines across much of the U.S. as prices faced significant downward pressure with the national unemployment rate staying above 9.5 percent and REO saturation holding above 22 percent throughout the year.
Rapid and severe declines subsiding, as only eight major markets experienced double digit price declines in 2010.
Six of the 15 major markets that managed price gains were in California (Riverside, San Diego, Los Angeles, San Jose, San Francisco, and Fresno).
Year characterized by record volatility, with quarterly prices changes of -4.3% (Q1), +5.8% (Q2), -1.6% (Q3), -3.9% (Q4) through the last four rolling quarters.
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Below is a list of the top 10 cities that Clear Capital expects will rise in property value in 2011, followed by a list of the 10 expected to decline the most.
10 Markets On The Rise In 2011:
1. Washington, DC: 6.5% price increase y/y
2. Houston, TX: 3.6% price increase y/y
3. Honolulu, HI: 3.4% price increase y/y
4. Memphis, TN: 3.2% price increase y/y
5. Columbus, OH: 2.1% price increase y/y
6. Dallas, TX: 1.4% price increase y/y
7. New York, NY: 1.3% price increase y/y
8. Birmingham, AL: 0.9% price increase y/y
9. Pittsburgh, PA: 0.8% price increase y/y
10. New Orleans, LA: 0.5% price increase y/y
10 Markets That Will Fall The Most In 2011:
1. Virginia Beach, VA: 12.8% price decrease y/y
2. New Haven, CT: 11.9% price decrease y/y
3. Tucson, AZ: 11.9% price decrease y/y
4. Dayton, OH: 11.7% price decrease y/y
5. Jacksonville, FL: 10.5% price decrease y/y
6. Phoenix, AZ: 9.4% price decrease y/y
7. San Francisco, CA: 9.3% price decrease y/y
8. Detroit, MI: 7.7% price decrease y/y
9. Oklahoma City, OK: 7.6% price decrease y/y
10. Tampa, FL: 7.4% price decrease y/y
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Clear Capital Reports 4.1% Drop in Home Prices in 2010
with 70 percent of major markets reporting price declines for the year
http://www.dsnews.com/articles/clear-capital-reports-41-drop-in-home-prices-2010-2011-01-05
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Cities Where Home Values Will Rise And Fall The Most In 2011
http://blogs.forbes.com/morganbrennan/2011/01/06/cities-where-home-values-will-rise-and-fall-the-most-in-2011/
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Clear Capital™ Recaps Record Setting Volatility of 2010:
U.S. Home Prices Down; Forecasts Additional Drop in 2011
Local market knowledge critical as unemployment, REO saturation rates drive divergence in individual market trends
http://www.clearcapital.com/company/MarketReport.cfm?month=January&year=2011
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