Case-Shiller is wrong
... about the prices of homes.
Take a look at this headline and read the story at MarketWatch.
I would suggest that using the data from the 20 largest housing markets including the formerly most overheated markets in California, Florida, Phoenix and Las Vegas is not representative of the country as a whole. A 17.8% decline in the past 2 years in the Case-Shiller index including those markets which likely saw prices double in the past 4 years is not a return to prices of 4 years ago but that's what the headline says.
And many of those markets are the leading foreclosure markets today so it is no surprise that foreclosed homes are selling for much less than before.
How are Charleston real estate prices. Not as bad as you might think or be led to believe.
The above chart shows the median sales price for Charleston homes in May of each year from 2000 through 2008 and while there was a slight dip from 06 to 07, there was actually a slight increase in the past year.
Don't misunderstand, the Charleston South Carolina real estate market is not in great shape. Inventory remains high, unit sales continue to decline. There are some foreclosures and some sellers are attempting short sales. Buyers have lots of choices and that forces sellers to either price the home very competitively or simply have their home listed on the market without much chance of a buyer choosing it. There are some good buys available, mortgage rates are still reasonable and you can still obtain financing as long as you can document your income and you are not borrowing beyond your ability to repay.
The best advice I can offer: get the facts, not the headlines.