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]
“You are inferring things about the future that may or may not occur. Hope is not the same as fact.”
Apparently so are you!!!
I don’t really care at all about the short term housing prices. I have also pointed out since early 2009 that the stock market and the Leading Indicators were beginning to rally and that this would be a rally not to be missed. I have more than made up in the stock market for any decline in price that my houses have suffered.
So, I may be dull but I’m happy dull.
I am not hopeful of prices rising soon. I never said that. I have predicted, going on some 5-6 months that prices for brooklyn brownstones would bottom around year-end 2009 and it looks like they are.
I welcome hearing any predictions that you might like to make, DCB or are you unable to formulate any??? Who is really the dull one here, me with my predictions or you just sitting there telling me I’m wrong??? Laughable, really!!!!
The steep decline (the decline you ranted would never occur) has abated somewhat. That does not mean the housing decline is over. You are inferring things about the future that may or may not occur. Hope is not the same as fact. You have been so hopeful, and so wrong, for so long that you are becoming very dull.
Look at the chart, Steve. It doesn’t get much clearer that things are not getting any worse….
http://imgur.com/ntYmQ
Washington DC is of course lookin’ good. Government thrives whether or not the private sector is in a nose dive.
Dave,
1 Mos 3 Mos 1Yr
Nov 08 186.52 -1.7% -3.6% -8.7%
Dec 08 183.46 -1.6% -4.3% -9.2%
Jan 09 180.94 -1.4% -4.6% -9.7%
Feb 09 177.83 -1.7% -4.7% -10.3%
Mar 09 173.60 -2.4% -5.4% -11.7%
Apr 09 170.67 -1.7% -5.7% -12.4%
May 09 171.16 0.3% -3.8% -11.9%
Jun 09 172.36 0.7% -0.7% -11.5%
Jul 09 174.16 1.0% 2.0% -10.1%
Aug 09 175.48 0.8% 2.5% -9.3%
Sep 09 175.32 -0.1% 1.7% -8.5%
Oct 09 174.97 -0.2% 0.5% -7.8%
Nov 09 173.24 -1.0% -1.3% -7.1%
Look’s like we’re headed down just like the stock market. Go figure.
And the overall numbers for the 20 largest metropolitan cities look the same…
Peak…July 2006…206.52
LowApril 2009…139.25
And now four straight months above 146.
These are the facts
Look at the raw numbers that I posted, DCB. Are you really that blind???? They’ve stopped declining for the most part.
The high was 215 in June 2006. It dropped to 170.67 in April 2009 and has risen to the 173-175 level.
Which part of this is too difficult for you to understand????
Coincidentally, that’s the same time the US stock market began to rally. Go figure!!!!!
Read a book, DIBS!
It was more amusing and thought provoking when “The What” was the biggest lunatic on this site.
“BHO, get out a calculus book and look up first & second derivatives.”
From here…
f'(comps) < 0. f”(comps) < 0. We have turned the corner. We’re going concave down again. We are double dipping. The first dip was inline with the March lows in stocks. The second dip will be inline with the phase out of reGOVery intervention and further bank failures as more and more borrowers try on Rockports.
Qualitatively, how can the market be “stable” but “not good” at the same time? The latter phrase usually denotes bad news ahead.
***Bid half off peak comps***