Case-Shiller says prices have declined from Oct. 2007 to Oct. 2008 10.2%. The only thing I don't like about this study is that it only covers 20 Metropolitan areas so when they say that prices have declined for the entire country it is not accurate. It also only reviews price changes year-over-year, which is too short of a time frame to analyze real estate. In King County appreciation from Jan. 2004 to Oct. 2008 has been 34%, even with the 10.2% reduction over the last 12 months. Real estate purchases should be long-term investments, not short-term flips.
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