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Case-Schiller Index Shows a 16.4% Decline Year over Year
By Ryan Ward | September 30, 2008
The Case Schiller Index is out for July of 2008 and shows almost a 17% decline in home prices for its 20 city composite survey from the same time in 2007. The Atlanta real estate market shows just over an 8% decline for the same time period. The S&P Case-Schiller Index is widely considered to be the most accurate national home values tracking because of its methods of determining value.
The study picks homes from an area and tracks the sales of the same home through the years and excludes townhomes, condos, new construction and distressed properties.
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I believe it. I am amazed at some of these prices. Sarasota home prices really got out of hand. I had a client close on a home recently for $233,000. The same home sold 3 years ago for $450,000. We probably just came back to reality. Prices are rolling back to pre-boom levels. We all would have been better off if these real estate markets just increased a modest 5-10% a year instead of back to back years of 20-30%.