Industry News

Finding a pulse in local real estate markets

National stats can overlook micro trends

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More bad news from the latest Standard and Poor's/Case-Shiller 20 metro-area price index: Prices were down 15.8 percent on an annual basis in May. How meaningful are the national numbers to your business? At Real Estate Connect, I had the pleasure of moderating four different foreclosure panels. The last panel had a spirited discussion about the foreclosure numbers and what they mean. When I asked Lauren Guzak, director of strategic relations for Dataquick, about the discrepancies in the national numbers and whom we should believe, her emphatic answer was "No one!" This may be an odd response for someone who is in the business of selling market data. The point that Guzak was making, however, is that the national numbers and even the state numbers may not synch with local market conditions. The question is: What numbers should you be tracking for your business? While the national headlines trumpet price declines, there are other factors to consider when evaluating...