Karl Case, professor of economics at Wellesley College and creator of the Case/Schiller Home Price Index, makes important distinctions between the market in various parts of the country on CNBC last night. He specifically mentions the Boston market and other metro areas that are far different from the areas like California, Arizona, and Florida that have been hardest hit with foreclosures. He states that "We're actually turning back in Boston now" and at "zip code level data" some towns are appreciating again already. View the video on CNBC.com:
Housing Pains Continue (video from CNBC)
The panel of experts also weigh in on the magnitude of the foreclosure problem and possible solutions. Foreclosures have been and continue to be the main drag on housing (more in some states than others), and clearing those off the market is an important factor to a national turnaround. Looking forward, there is certainly concern with the larger economy and the impact job losses may have on the housing market, so we'll be watching the macroeconomic reports over the next few weeks and months closely to get a better indication of that effect.
As I have stated in the past, local markets act differently - much differently at times - and it pays to know the national picture, the statewide picture, and the town by town picture.......even the street by street picture at times to help understand the market better. There are different dynamics at work everywhere that affect inventory and demand and therefore prices. Seek out good data and guidance to help make the best buying or selling decision for you and your family.