Industry News

Investors betting high on New York prices, low on Detroit

Futures market expects more home-price declines

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Good news for Mariners fans, bad news for Tigers faithful. This week, Standard & Poor's released its S&P/Case-Shiller U.S. National Home Price Index for April 2007 and the news was just about as bad for homeowners in Detroit as it was good for the folks in Seattle. While the Seattle market zoomed up 9.6 percent between April 2006 and April 2007, the Detroit market plunged 9.3 percent. The composite index and its regional sub-indices use the repeat sales pricing technique to measure housing markets by collecting data on single-family home re-sales, and capturing re-sold sale prices to form sale pairs. Price appreciation or depreciation is more accurately reflected by the change in value of the same properties over time across entire market areas rather than the more volatile median home prices published by the National Association of Realtors. Of the 20 markets tracked by the indices, 14 showed price decreases and 6 showed price increases. Charlotte was up a healthy 7 percent a...