If Case-Shiller March Figures were accurate…
I know, I’ve been on this rant before … but every year or so, I just have to vent again. Mostly because I get tired of hearing one of my very good friends and/or highly intelligent financial advisors my clients are working with quote the index … ‘According to the Case-Schiller index prices are down over 40% in SF.’
Case-Schiller, oft touted as being the most unbiased, thereby accurate measurement of home prices is an index that started 21 years ago. There are no data points prior to 1988. It uses the year 2000 as it’s base-line and tracks the same single family homes that have re-sold. According to the Case-Shiller index for March 2009 home prices in San Francisco are down 46.1% from their peak in 2006.
Which means, if you are going to rely on those numbers literally, according to the Case-Schiller index, a Single Family Home that sold for $1,000,000 in San Francisco in 2006, was as of March 2009 selling for $539,000.
Now go find that sale!
Case-Shiller March 2009 Press Release [Standard & Poor’s]
Here goes my Pet Peeve again the Case-Shiller Index [SFHomeBlog]
