Case-Shiller: Record Drops in NY and Nationwide
The latest Standard & Poor’s Case-Shiller Home Price Index stats are once again grim: Prices in 20 major metropolitan areas dropped in March by 18.7 percent from March 2008, about the same level of decline as has been documented over the past few months. Here in the New York region, home prices fell 2.5 percent…
The latest Standard & Poor’s Case-Shiller Home Price Index stats are once again grim: Prices in 20 major metropolitan areas dropped in March by 18.7 percent from March 2008, about the same level of decline as has been documented over the past few months. Here in the New York region, home prices fell 2.5 percent between February and March of this year—a record drop, according to the Real Deal—and 11.8 percent year-over-year. As TRD notes, the index does not include condos or co-ops. The Times makes the point that New York is far less screwed than other places, at least so far: “New York and Detroit, while both reporting large monthly declines in March, show the different legacies of the boom. New York is still up 73.4 percent from January 2000, while in Detroit prices are 29 percent lower. A Detroit house costs about the same today as it did 14 years ago.” The national Case Shiller index for the first quarter, meanwhile, showed a 19.1 percent decline compared with the first quarter of 2008, the biggest drop in the index’s 21-year history.
Home Prices Decline Again in March [NY Times]
Home Prices Fall By Record Amount in 1Q [The Real Deal]
“coming out of the ‘fear’ cycle”
VS
Case-Shiller YOY dropping deeper and deeper into the red
You’re dislexing in/out, DIBS. Keep sipping those martinis. Rehab is for quitters.
***Bid half off peak comps***
“Bank of America has raised $26B since its stress test results. The market has spoken. The stock is up 376% from its low.”
Dave right now we don’t care about the equity market! We all know the ramp job by Goldman Sachs and other “Primary Dealers”. The trading volume is very low because no one want to get caught in a “Suckers Rally”.
The big problem is borrowing costs for everyone! Just look at the long end of the Bond Market.
“There’s no such thing as market rationality. It oscillates between fear and greed.”
Amen..
The What
Someday this war is gonna end…
Sorry slope…I knew what you were saying and it was logical. Wasn’t trying to put words in your mouth, just extrapolating.
slopefarm,
I wasn’t really agreeing or disagreeing with bkh’s assertion of rationality v. irrationality.
I think each individual can decide for themselves and their collective judgment will become apparent in time.
The thing is, the “market” is only as rational as the most desperate buyer when it is going up and only as ration as the most desperate seller when it is going down.
Was it rational when oil was >$150/barrel? Was it rational when oil was <$40/barrel?
Do those questions even have meaning? Not in a financial sense. The prices are what they are.
It is only the individuals who agree to buy/sell at those prices who are being rational or irrational, and you need to make those judgments on a case-by-case basis, which most people could only do for themselves and close friends and family.
DIBS, I didn’t quite say that. I was making more of a logic point — my point was, you can’t take credit for the wisdom of the market only some of the time, i.e., when you think it is siding with your own view. Either you believe the market is always rational or you concede it isn’t, but you can’t say the market is rational when it’s down and wrong when it is up (or vice versa). My own view is that I don’t believe in absolutes on the rationality of the market. I also generally hesitate here to predict where I think the market (any market) is going. Not my bailiwick, but I always find your views on this well-informed.
“The market has spoken.”
The crack and koolaid martini has been drunken.
***Bid half off peak comps***
Hiya Assholes! I see the denial is still in full effect! Team Bear I suggest you buy radiation suits and re-harden you bunkers it’s going to get real bad!
Lookie here!
10-YEAR TREASURY NOTE (^TNX)
http://tinyurl.com/qfpqmz
The mutant Asset Bubble is leaking massive amounts of radiation! The US Government is holding auctions for treasuries this week (5 & 7 year). The long end (10 & 30 year) is getting smashed! The inflation genie is out of the bottle (Inflation Expectations) and it’s going to get “interesting” very soon! Buh bye Retards thanks for all the “good times”…
The What
Someday this war is gonna end…
Hiya Assholes! I see the denial is still in full effect! Team Bear I suggest you buy radiation suits and re-harden you bunkers it’s going to get real bad!
Lookie here!
10-YEAR TREASURY NOTE (^TNX)
http://tinyurl.com/qfpqmz
The mutant Asset Bubble is leaking massive amounts of radiation! The US Government is holding auctions for treasuries this week (5 & 7 year). The long end (10 & 30 year) is getting smashed! The inflation genie is out of the bottle (Inflation Expectations) and it’s going to get “interesting” very soon! Buh bye Retards thanks for all the “good times”…
The What
Someday this war is gonna end…
Perhaps, BHO. And we would now be coming out of the “fear” cycle which is where the most money is made.