According to the recent data released for the S&P Case Shiller Home Price Indices for the month of December 2011, Miami home prices fell slightly in comparison to the previous month and the previous year. In comparison to the previous month of November, prices fell by 0.5% (annualized rate of 6%). When compared to the previous year they fell by 4%. The decline was relatively mild considering how much inventory the market was able to absorb during that period. From these figures one might conclude that the rate of decline is accelerating however, I would caution holding too much sway in one month’s figures especially given that the difference is so small and the fact that it could be simply a sign of the resumption of the foreclosure sales that were halted a couple of months ago due to the controversies surrounding the ‘robo-signers’. Prices may not rise or at least I don’t expect them to rise rapidly in 2011. However, this does not mean that the market or conditions are not improving because supply is continuously being worked off with almost nothing new being added except for the shadow inventory of foreclosures. That too will eventually dry up at which point we likely will see prices rise.
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