The University of St. Thomas in St Paul has been doing some pretty interesting studies on the real estate market. They have come out with their own Index to compare against Case Shiller. They posted a comparison between Foreclosure Sales, Short Sales, and Traditional against the Case Shiller Index for the Twin Cities. It paints a pretty good picture on the local market place.
The median sale price for a nonforeclosed home in the 13-county Twin Cities market has fallen considerably less than the median price for all homes reported by the widely used Standard and Poor’s Case-Shiller Home Price Index, according to figures released today by the Shenehon Center for Real Estate at the University of St. Thomas’ Opus College of Business.
…The Case-Shiller index does not distinguish between a traditional, normal market sale and a distressed sale. The St. Thomas index provides data for all sales, but in addition it distinguishes between traditional sales, short sales (homes sold for a price less than the outstanding mortgage balance), and sales where the home’s mortgage has been foreclosed.
Without looking into their methodology and just looking at their chart. It appears they are indexing based off January 2005 where everything is set to 1,000.
Great information from the University of St Thomas. Makes me wish I had attended there!
- Case-Shiller Index – Minneapolis Posts 10.8% Annual Decline in Home Prices through June 2011 – Leads Nation Again (johnmurphyreports.com)
- Case Shiller Index: Twin Cities map comparison to the nation. (craigkamman.wordpress.com)