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]
Both the delta (absolute) and the gamma (rate of change of delta) are in decline.
This is the Case-Shiller index for New York single family houses over the longer term:
http://imgur.com/ntYmQ
dave,
explain what you mean about context. I am not in the business so I find it fascinating. My sense of the market is based on friends and acquaintences and how things are selling in my building oand on my block. A little background on these technical numbers would be, as they say, edifying.
I’m also glad that New Home Sales continue to disappoint. We don’t need new homes anywhere.
Are they saying the decline is stable?
i believe the children are our future….
sing along everybody!!
DCB, learn something before you post. The numbers posted above are useless without context.
This is high school math.
DIBS wrong again. Evidence is evidence.
The data as presented above is useless. It all depends upun the rate of acceleration, whether that is rising or falling.
BHO, get out a calculus book and look up first & second derivatives.
Report back when you learn something.
**500,000**
“Case-Shiller: More Stable But Not Good”
BHO: Oxymoron.
***Bid half off peak comps***