NOVATO, Calif., Dec. 27, 2010 /PRNewswire/ -- As of November 30th, the Winans International Real Estate Index (WIREI)™ posted a decline of 3.6% through most of the 4th quarter and confirms that housing is still in a severe bear market.
From an all-time record high of $296,000 set in March of 2007, the Winans International Real Estate Index (WIREI) had declined 25% to a new low of $222,950 last October. This eclipsed the previous WIREI low of $226,900 set in January 2009. In fact, this 3 1/2-year real estate bear market is the worst price drop in new home prices since the 33% decline from 1939 to 1945.
"Since the WIREI posts results a month earlier than other real estate indexes, it is a key indicator in showing the continued poor health of the housing market. Based on historical comparisons, I believe new home prices will have declined approximately 5% in 2010. Furthermore, advances in real estate common stocks should be viewed with caution," says Ken Winans, President of Winans International Investment Management & Research (www.winansintl.com).
The Winans International Real Estate Index (WIREI)™ (also called "The Dow of Real Estate") is the only index that measures U.S. home prices from 1830 to present and posts new housing data without a 2-month lag found with other popular real estate indexes.
SOURCE Winans International