Wednesday, October 31, 2007

Tampa Home Prices Plunge

Uh-oh, you say to yourself. the latest S&P/Case-Shiller home price index, for August, shows that prices continue to drop in metro areas like Tampa. That's not good news if you are trying to sell there, but for buyers it is positive news. A second home that you wanted to buy in Tampa is now more than 10 % lower than it was a year ago. Shopping for a pied-a-terre in New York? Prices are down 3. 8 % since this time last year. Robert J. Shiller, Chief Economist at MacroMarkets LLC, sees "vanishing returns" most everywhere. Maybe buyers should wait another month?

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