Case Shiller released their report for January today and I don’t think that it will be a surprise to anyone that the January 2009 Index dropped from December’s 158.5. At 153.8, it’s about the same level reported in August of 2005. The 20 city index is down 19% from January 2008. Portland is down 14%.
Is that the bottom? Maybe, maybe not. RMLS reported lower inventory in February, it seem like lending is getting easier with lower rates, and the First Time Buyer Credit is now really a credit and not an interest free loan. Weighing in heavily on the other side is unemployment, the uncertain fate of GM and Chrylser, war, etc.
This link was post on Realtor.org as a reposting of a Newsweek story: “Top Economists See Recovery Differently.” Link added (1:30PM)