Case-Shiller: More Stable But Not Good
S&P/Case-Shiller released its November report on housing prices across the nation’s 20 biggest cities and the news wasn’t particularly good. There were some signs of stabilizing (and four cities have even seen price rises over the last year), but, as David M. Blitzer, chairman of the Index Committee at Standard & Poor’s, put it, “there…
S&P/Case-Shiller released its November report on housing prices across the nation’s 20 biggest cities and the news wasn’t particularly good. There were some signs of stabilizing (and four cities have even seen price rises over the last year), but, as David M. Blitzer, chairman of the Index Committee at Standard & Poor’s, put it, “there is no clear sign of a sustained, broad-based recovery.” New York appeared to have continued downward momentum, with prices off 1% from October and more than 7% from a year earlier; the 20-city index as a whole was down 5.3% over the year. U.S. News & World Report estimates that overall prices have another 5 to 10% left to fall. “We see a big backlog of distressed properties that could come on the market in the next several quarters,” Celia Chen of Moody’s Economy.com told the publication. The Case-Shiller report comes on the heels of a larger-than-expected drop in existing home sales.
A Look at Case-Shiller, by Metro Area [WSJ]
Home Prices Stabilize Further [U.S. News]
Tough Times for Housing Market Followers [Seeking Alpha]
“They’ve bottomed, BHO. Just because this doesn’t fit your ‘world view’ doesn’t mean it hasn’t happened.”
No they have not. They cannot and will not bottom until volume peaks for the second of two times per cycle, once before the top (euphoria) and once more before the bottom (fear and capitulation – in slow motion for RE). Has volume peaked? Absolutely not.
Your second sentence is true, however.
***Bid half off peak comps***
Saying that I am jerking off to a chart, now that is a personal comment. And sexual harrasment.
Posted by: DeadCatBounce at January 27, 2010 12:42 PM
We don’t have an HR department here on the blog.
The slope of that graph indicates no such thing. That chart looks like Death.
Pointing out that Rate of Change is a simple arithmetic calculation is not a personal comment.
Saying that I am jerking off to a chart, now that is a personal comment. And sexual harrasment.
I started out by pointing out by saying the data was useless without the history and that when you look at the recent history, the slope of the graph indicates to the naked eye that the numbers have bottomed.
DCB comes in with some sort of holier than though prognostications as to whether this is algebra or calculus and proceeds to launch a personal attack.
Sad, really.
“everybody is so mean around here.
Posted by: joeingowanus at January 27, 2010 12:15 PM”
Not everybody Joe…
Just trying to help you out, DCB.
“Let he who has not sinned cast the first stone.”
You seem to be the arrogant one.
everybody is so mean around here.
Thanks for the free advice DIBS. Let me return the favor: “Whom the gods would destroy, first they make arrogant”.
DIBS is fantasizing about me jerking off again. Blech!
Posted by: DeadCatBounce at January 27, 2010 12:01 PM
Hardly. No pun intended.