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29 Apr 2013

Remnants of housing slump to last until 2019

Economic boom is still far from sight as the housing market continues to gain momentum.

The Case-Shiller real estate index of South Florida has seen an increase for the 14th straight month in January. The record included 2011, 2012 and 2013. The index showed a 10.8 increase, the highest since 2006.

Examining the graph from Case-Shiller, it is clear that the housing bust indeed appeared in 2010. However, values remained dipping. Further, the Case-Shiller index revealed South Florida as one of the country’s real estate market to show some sort of activity and gains in January. This may seem as a sign of recovery as the market remained unfortunate in the previous months. And although the numbers are attractive to homeowners, the long run predictions are far from favorable.

According to the index, that housing market of South Florida shows values that are down 45 percent compared to when it peaked in May of 2006. It is estimated that a growth of .8 percent per month will still take more than half a decade to recover the losses caused by the housing crash. Indeed, Case-Shiller index reveals that damages will last until 2019.

Selda Kirkan
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