The S&P Case Shiller Index was released this morning. The non-seasonally adjusted Index for Minneapolis/St Paul is down -7.4% for 2011 posting to 114.65 down from 115.67 in August. This is a .09% drop for the month.
When you look at the Seasonally-Adjusted Index below, it appears we may be in over-correction. The red dotted line is a trend-line I visually placed to see where we might be had there been no housing bubble. One may argue the line should be more or less of an incline, but you can gauge for yourself. From that un-scientific placement, it appears we may be over-correcting on the Case Shiller index. This will vary from market to market in the Twin Cities of course.
From a National Perspective, the Composite 20 Index also posted an annual decline, -3.9%.
New York, November 29, 2011 – Data through September 2011, released today by S&P Indices for its S&P/Case-Shiller 1 Home Price Indices, the leading measure of U.S. home prices, show that nationally home prices did not register a significant change in the third quarter of 2011, with the U.S. National Home Price Index up by only 0.1% from its second quarter level. The national index posted an annual decline of 3.9%, an improvement over the 5.8% decline posted in the second quarter. Nationally, home prices are back to their first quarter of 2003 levels.
- Minneapolis St Paul Case Shiller Index – posts almost twice the improvement as the Composite 20. (craigkamman.com)
- Case-Shiller Index: Minneapolis Shows Signs of Improvement but Leads Nation in Price Declines Down 8.5% Year Over Year (johnmurphyreports.com)
- Case Shiller: Home Prices decline in September (calculatedriskblog.com)