Same old real estate story
Some metrics like this you really wonder if they mean so much.... could prices decline here? sure, and who really knows what the coming year will bring given all that is going on. But my real estate friends assure me that this index is actually used by mortgage underwriters which means it has a real on the ground impact in regional real estate markets. I am not sure if there is any research on this out there, but if this report does influence financing then its accuracy is a bit endogenous... Oh.. forget that, it's just a good thing... at least it's better than if it said we were at a high risk of local real estate prices declining.