housing prices case-shiller index

Case-Shiller Home Price Index Increases for July

Case-Shiller Home Price Index increased in July by 1.2%. Calculated Risk provides the details. But let's look at the spin on the numbers.

“The worst has passed,” said Mark Vitner, a senior economist at Wells Fargo Securities LLC in Charlotte, North Carolina. “We expect prices to bottom out around the middle of next year and then look for modest price appreciation for the next several years. There is still a tremendous oversupply of homes in most major markets.”

Tremendous oversupply may be understatement especially if financial conglomerate's 'shadow inventory' starts hitting the market.

Housing Prices - Another 18.5% Drop

Submitted by on

Oh the pain of the deflating bubble.

Bloomberg:

Home prices in 20 U.S. cities declined 18.5 percent in December from a year earlier, the fastest drop on record, as foreclosures climbed and sales sank.

The decrease in the S&P/Case-Shiller index was more than forecast and followed an 18.2 percent drop in November. The gauge has fallen every month since January 2007, and year-over-year records began in 2001. Separately, the Federal Housing Finance Board said prices in 2008 fell a record 8.2 percent.

Looking at the Case-Shiller index:

The current value is 139.14. 2003 Q3 was 138.41. 2003 Q4 the case-shiller index was 142.29.

Pages