Case Shiller Value Index-Better than Last Month

So here's the rest of the story after you've listened to the news reports on the Case Shiller Home Value Index figures released this morning.  The media are reporting a downward trend in values throughout the country but the results in South Florida are a bit more encouraging.  While we experienced a decline in the month of March (the most recent month reported by the Index) the rate of decline was FAR less alarming than last month (0.84% in March vs. 2.02% in February).  I'm still inclined to view February's drop as an anomaly (let's hope anyway) so based on our first quarter performance values may decline anywhere from 5.5% to 16.5% in 2011.  If we split the difference that's around 11%.  Now statistics NEVER lie somehow it feels like we're not going to have another decline of over 10% this year.  Prices in the more desirable areas (near the ocean & in great school districts) seem to be stabilizing, especially where the inventory of homes for sale is tight.  I'm anxious to see what the next few months' performance is like to turn around the disappointing numbers from the first quarter.

Foreclosure News
The news reports today tout significantly lower foreclosures in April than the same period a year ago.  It's difficult to determine if this suggests improvement in the market or other factors.  The following tidbit from the Miami Herald might provide some insight:
   In Florida, it now takes an average of 619 days—about 20 months—for the foreclosure process to run its course. That’s up from 470 days last year, and 169 days in 2007.

In case you ever wondered if anyone responsible for the lending debacle of last decade would be called to account.....

http://www.washingtonpost.com/business/economy/us-sues-deutsche-bank-alleging-mortgage-fraud/2011/05/03/AFfym4iF_print.html