Case-Shiller: Recovery Waning, Double Dip Possible
Case-Shiller came out with the December numbers for its 20-city index of real estate prices and the results weren’t particularly good: 15 out of 20 cities showed month-over-month declines, though the overall index managed to eke out a seasonally-adjusted increase of 0.3 percent. The good news is that the index staged a 5 percent comeback…
Case-Shiller came out with the December numbers for its 20-city index of real estate prices and the results weren’t particularly good: 15 out of 20 cities showed month-over-month declines, though the overall index managed to eke out a seasonally-adjusted increase of 0.3 percent. The good news is that the index staged a 5 percent comeback starting in April 2009 after a six-month run that saw it lose 11 percent. The bad news is the number of markets with positive monthly returns has gradually decreased over that time from 18 in June to 4 in December. It also doesn’t bode particularly well that the Federal Government is expected stop its purchases of mortgage-backed securities in March, which in turn is likely to lead to a rise in mortgage rates; meanwhile, market pressure from a rising number of foreclosures is expected to keep downward pressure on prices. Seeking Alpha all that means the country’s in for a double dip. Here in New York City, prices fell about 1 percent month-over-month and a little more than 6 percent year-over-year, not as bad as Las Vegas or Miami, but far worse than some other cities like Boston or San Francisco where the downturn started much earlier.
U.S. Home Prices Rise Modestly [NY Times]
Case-Shiller Adds to Confusion on Housing Market [WSJ]
Graphic from Seeking Alpha
1998 prices? I doubt a 2 bedroom in carroll gardens will be going for $115K(level my friend brought @)
“to placate the ignorant and hopeful.”
In no specific order:
Miss Muffett
BHO
hannible
Home prices are still not low enough. we need to start seeing 1998 prices again to call it a bottom. The current stats we get now are all bogus because of the artificially low interest rates. Most people will only start to buy when interest rates reach their real level ant that is 4-5% and 8-9% on a 30 year mortgage.
all these numbers being thrown around these days; either about the stock market, the housing market, unemployment, etc, are absolutely MEANINGLESS and just thrown out there to placate the ignorant and hopeful.
*rob*
nsr, the chart seems to be saying prices in the ny metro area are at may 2004 levels.
This is how the cycle works. As it hits bottom, the numbers tend to be the most directionless until a trend develops. You ought to be more concerned about what’s going on in Greece, the commodities markets and the currency market and how that has an effect on consumer confidence, spending, hiring, production, etc.
Oh, and btw, yesterday’s CC number was explained correctly by Rasmussen given the weather issue. In an inordinately strong economy back in Jan 1996, the number blipped from 99 to 88 because of the storms. Same thing, weaker economy 55 > 46.
What does the “Date” column represent? Why is it different for each city?
Wasder
I do think it impacts buyers out there in the market looking for their first or next home, however $8K goes a much longer way say on a house being bought in Reno for $125K than someone in NYC trying to buy their first 1 BR apartment for $500K
however, I’d still wouldn’t mind that $6500 tax credit if we can close by April….
Is that 8000 dollar tax credit big enough to really effect housing sales? Hard to imagine that smallish amount of money skewing sales figures but who knows?