Global Insight Market Performance

Press Release GLOBAL INSIGHT, Inc. - 2008

84% of the Nation's Housing Market Declines in the First QuarterOnce Overvalued Markets Hardest Hit by Plunging Prices

Waltham, MA 2 June 2008 - Global Insight, the world's leading company for economic and financial analysis and forecasting, today released the first quarter 2008 update of the U.S. housing valuation analysis, House Prices in America, showing that single-family home prices fell for the third straight period, dropping at a steep 6.7 % annualized rate. Nationwide, 262 housing markets out of 330 in the study - the overwhelming majority of the nation's housing markets - experienced declines, accounting for 84% of all housing units and 89% of real estate value.

Read the entire article at:

http://www.globalinsight.com/PressRelease/PressReleaseDetail12748.htm

Locally:

We can find anything we want with statistics and you can view them as negative / positive / neutral.

Since Central Ohio has not seen major double digit “annual appreciation rates” we also don’t seem to be experiencing double digit declines. The inventory is large and number of days on market is above average, based on the past several years (some local market areas and price ranges are still performing much better than the Central Ohio average ie. Dublin $250-350,000).

Comparing 1st quarter 2008 to last quarter 2007 and to 1st quarter 2007:

Average sale price % change Average days on market

1Q 2008 $156,718 - 6.9 4Q 2007 110
- 7.4 1Q 2007
4Q 2007 $168,334 103

1Q 2007 $169,297 108

source: Columbus Board of Realtors MLS – single family detached homes as of June 5, 2008

The fallacy of the using average sale price to compare periods is that more “lower priced homes” may have sold in the most recent period making the average sale price lower, even if the true sale price of most homes sold did not decline. Most all indices and reported data is based on the “average sale price”.

The above are only indicators and should not to be taken as accurate representations of the change in your home’s value.

Jim Lubinsky
Angela Williams
Jackie Cautela
The Lubinsky Team
Re/Max Affiliates
614-766-5330 ext 119