The News – It Gets Worse . . .
June 24th, 2008 . by Jon ModeneThe new Case Shiller Index numbers are out. Just released.
What are they? What does that have to do with Perrysburg real estate?
Well, right or wrong, they are a compendium of numbers put together by a think tank/number crunchers who look at average prices in major metropolitan areas. These numbers are heavily relied upon by real estate, relocation, government, and lending industry people when THEY need “average” numbers.
So they are important.
Case Shiller does not have a “Perrysburg” number. Or a Toledo number. Case Shiller numbers do not include new homes and are only supposed to include “arms length” transactions of repeat sales, making them very valuable data points – they are, therefore examples of the same house selling again to different people at different points in time.
Get enough data that way – and you know what the market is like.
Except that . . . all markets are local. And different. And this town is different than Rossford. And that town? Different than Perrysburg. And Crandenbrook? Very different than Lakemont.
Anyway, the Case Shiller numbers are out.
And they are bad – if you are selling.
Good if you are buying.
Housing values have dropped in the Detroit MSA, which is the closest “Case Shiller” city to Toledo and the most similar MSA in my opinion, by -18% in just 12 months.
Hard to believe.
Hard to imagine.
Have values gone done that much in Perrysburg in 12 months?
Ask an appraiser.
Ask an owner who is trying to sell
Ask an expert.
You won’t like the answer . . .
