Daily Market Sip 3/31/2009

The Case-Shiller index was just released this morning at 9am.

In general we have seen a drop in single family home prices of 19% from Jan’08 to Jan’09 nationwide avg.  As we take a more focused view into the Tampa area we see a 25% year-over-year drop in single family home prices and a 4% drop month-over-month (Dec’08 to Jan’08).

While the drop in prices were a little larger than expected, there  is some positive news on the housing front.  Earlier in the month we saw that Existing home sales actual rose in February.  As we continue to work off the extra inventory we should begin to see home prices stabilize in the coming months with a slight up tick towards the end of the year or early next year.

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