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Case Shiller posts

Closing Bell: The recession is still over, still... do you feel it?

Posted Nov 24th 2009 4:20PM by Jon Ogg (RSS feed)

The GDP for Q3 showed a revision confirming that the end of the recession is still 'unofficially' official. The Case Shiller data was more mixed despite another small gain, but it has a farther look-back than most new data has been showing.

And the FOMC released its minutes from the November 3 and 4 meeting that gave low inflation forecasts, higher GDP, and even less-bad unemployment. The FDIC fund going red had no solid impact on financials today. We even had a 2% drop in the price of oil despite a small gain in gold. Here were today's unofficial index closing bell levels:

DJIA 10,433.71 (-17.24)
NASDAQ 2,169.18 (-6.83)
S&P500 1,105.66 (-0.58)

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Home prices plunge record 18.2% in the past year, Case-Shiller says

Posted Jan 27th 2009 9:45AM by Joseph Lazzaro (RSS feed)
Filed under: Forecasts, Bad news, Housing, Recession

Once again, there's little change in the U.S. housing market's downward trend.

Home prices in the United States in 20 cities declined at the fastest pace ever in the past year, weighed down by foreclosures, and slack demand from potential home buyers.

Home prices in a 20-city sample plunged a record 18.2% in November 2008, on a year-over-year basis in, according to the S&P / Case-Shiller U.S. National Home Price survey (pdf). The index has fallen every month since January 2007. Home prices fell 18% in October, 17.4% in September, and 16.6% in August, each on a year-over-year basis.

Continue reading Home prices plunge record 18.2% in the past year, Case-Shiller says

Home prices nosedive a record 18% in the past year, Case-Shiller says

Posted Dec 30th 2008 1:15PM by Joseph Lazzaro (RSS feed)
Filed under: Forecasts, Bad news, Housing, Recession

The song remains the same regarding the U.S. housing sector.

Home prices in the United States in 20 cities declined at the fastest pace ever, weighed down by foreclosures and bank efforts to unload that extra housing.

Home prices in a 20-city sample plunged a record 18.0% in October, on a year-over-year basis, according to the S&P / Case-Shiller U.S. National Home Price survey (pdf). The index has fallen every month since January 2007. Home prices fell 17.4% in September, and 16.6% in August, each on a year-over-year basis.

All 20 cities drop

Also, every city in the 20-city index registered a decrease in October, on a year-over-year basis.

Further, prices in a 10-city survey plummeted a record 19.1% on a year-over-year basis.

Continue reading Home prices nosedive a record 18% in the past year, Case-Shiller says

The best housing stance for buyers, sellers? Staying put

Posted Aug 27th 2008 2:00PM by Joseph Lazzaro (RSS feed)
Filed under: Forecasts, Economic data, Housing, Recession

There is an old axiom among lobbyists inside Washington, D.C.'s Beltway that goes: "Don't just do something, stand there!"

It's a policy wonk truism arguing that when uncertainty abounds, sometimes the best action is no action. And, one could argue, today's potential home buyers and sellers would be wise to heed the Beltway axiom.

A case of the Case-Shiller jitters

Economist Peter Dawson was hoping for Case-Shiller house price statistics in July that were easier on the eye. Dawson was disappointed: the Case-Shiller Index of 20 major metropolitan areas plunged 15.9% from July 2007 (pdf). Prices in the 10-city index plummeted a record 17.0% from July 2007.

"The July Case-Shiller data is about as bad as it gets. It shows a housing sector where prices remain in free-fall in just about every market, save a few, such as Charlotte, North Carolina and Dallas," Dawson said. "The housing bottom has not occurred and it's not near."

So given the above, what's the best stance regarding housing? For sellers, Dawson said if one has to sell for a job relocation, a sale invariably has to occur. But for those who have a three-year or longer sales horizon, postponing a sale may net a better price, providing the U.S economy recovers in 2009, he said.

For buyers, Dawson said "time is on the buyer's side" in most markets. "At this stage, lease or rent through at least June 2009," Dawson said. "In most major markets, prices are likely to be lower by next spring than they are today."

Continue reading The best housing stance for buyers, sellers? Staying put

Home prices fall 15.3% in April in metro areas: Case-Shiller

Posted Jun 24th 2008 10:22AM by Joseph Lazzaro (RSS feed)
Filed under: Forecasts, Bad news, Economic data, Housing, Recession

The decline in U.S. home values continues to accelerate, and the U.S. housing sector is showing few signs of a recovery.

Home prices in a 20-city sample plunged 15.3% in April, on a year-over-year basis, according to the S&P / Case-Shiller U.S. National Home Price survey. In March, prices in the 20-city sample declined 14.4%.

Economists surveyed by Bloomberg News had expected home prices in the 20-city Case-Shiller survey to decline 16.0% in April on a year-over-year basis.

Economist Peter Dawson said that while he doesn't expect this latest housing data point to sway the U.S. Federal Reserve regarding interest rates ahead of its Wednesday 2:15 p.m. EDT announcement, the continued housing price decline will highlight the headwinds facing the U.S. economy. "The house price declines will underscore to the Fed that while oil is feeding inflation, significant economic drags remain, and housing is the biggest drag, so the Fed has to be concerned about the potential for a pronounced economic stall," Dawson said. "They have to be careful to not raise interest rates too quickly and choke-off a recovery."

Continue reading Home prices fall 15.3% in April in metro areas: Case-Shiller

Home prices fall 7.7% in past year, according to Case-Shiller Index

Posted Jan 29th 2008 1:33PM by Joseph Lazzaro (RSS feed)
Filed under: Bad news, Economic data, Housing, Recession

Home price depreciation accelerated in November, with prices falling in all 20 cities surveyed by the Case-Shiller Home Price Index, survey officials announced [pdf] Tuesday.

Prices fell a record 2.2% in November 2007, and 7.7% in the past year. Just as ominous, home prices fell in all 20 cities in November 2007, and prices in the last three months fell at a 16.2% annual rate. In addition, the survey's original 10-city index fell 8.4% in the past year.

Miami recorded the largest price decline, down 15.1%; followed by San Diego, down 13.4%; Las Vegas, down 13.2%; and Detroit, down 13%.

A tell-tale stat

Economist Steve Affinito told BloggingStocks Tuesday the Case-Shiller data is yet another tell-tale statistic regarding the condition of the U.S. housing sector.

Continue reading Home prices fall 7.7% in past year, according to Case-Shiller Index

U.S. home prices drop 6.1% in past 12 months

Posted Dec 26th 2007 12:15PM by Joseph Lazzaro (RSS feed)
Filed under: Bad news, Economic data, Housing

Home prices fell 6.1% in the past 12 months -- the largest 12-month decline in at least six years, and a sign that the housing market remains in a pronounced slump, research from the S&P/Case-Shiller home price index indicated Wednesday. In the survey, all 20 metropolitan markets surveyed showed year-over-year price declines.

Analyst C. Leonard Bauer, formerly of Prudential, told BloggingStocks on Wednesday that the October 2007 Case-Shiller data confirms some of the worst fears analysts have about the U.S. housing market heading into 2008.

"This is a sobering statistic," Bauer said. "It confirms a housing market in a deep slump. This is the worst year-over-year decline in prices that I've seen nationally, and I've been following housing for 20 years. The northeast [U.S.] condo slump in the early 1990s saw bigger percentage drops but that was only one section of the market. This is across the board."

Continue reading U.S. home prices drop 6.1% in past 12 months

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