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Before I even read the article, I want the first to post that:
YOY is down!
It is an error!
Prices are still too high!
The gubment is wrong for trying to shore up the economy!
and finally, THE SKY IS FALLING!
Before I even read the article, I want the first to post that:
YOY is down!
It is an error!
Prices are still too high!
The gubment is wrong for trying to shore up the economy!
and finally, THE SKY IS FALLING!
;-)
No No you have it wrong. I want to be the very very first to say housing boom here we come!! LOL!
WASHINGTON (MarketWatch) -- The prices of single-family homes in 20 major cities rose a seasonally adjusted 1.4% in June, the second increase in a row after falling every month for three years, according to the Case-Shiller home price index released Tuesday by Standard & Poor's.
Except that the seasonally adjusted 20 city number didn't increase in May, so it's the first increase. And it increased by 0.7% not 1.4%.
The numbers actually being referred to are the unadjusted numbers. Seriously, how stupid do these writers think their readers are?
For NY we have two months of rises (in the non-SA numbers, the SA numbers are up too, though the article claims otherwise they aren't using them). And the June bump in the non-SA is bigger than the 2008 June bump (0.42% against 0.27%). Of course we have the rush to get in before a $8k grant expires (as we've seen in posts here) which numerous "bears" said would cause a small rise followed by a drop when it expires (of course the gov wants to double down instead now...).
For some perspective we are still under the March level. In fact a quick look at the numbers shows we had a spectacularly bad start of the year with CS levels falling twice as fast as they did in those months in 2008 (remember Nov 2008 was the bottom ). So year-to-date 2009 change is still worse (if you like overpriced real estate) than the same month year-to-date 2008 change.
So it's still wait and see for me. I do think real estate prices will spike up in the future, given everything the gov. is doing.
It's only bizarre because it doesn't fit into your thesis. The data show increasing housing prices with a pickup in new and existing homes sales. Not rocket science really. Pure economics.
Before I even read the article, I want the first to post that:
YOY is down!
It is an error!
Prices are still too high!
The gubment is wrong for trying to shore up the economy!
and finally, THE SKY IS FALLING!
;-)
Absolutely. Shiller is the most bearish of the bears and even he says the turnaround is 'impressive'. Of course I successfully called bottom 6-9 months ago. And I'm just waiting for the posts that say - prices are STILL DOWN -4000% since last year!!!!!
Which has about as much to do with the subject as me posting what I had for breakfast.
Absolutely. Shiller is the most bearish of the bears and even he says the turnaround is 'impressive'. Of course I successfully called bottom 6-9 months ago.
Of course you unsuccessfully called it for some time before then.
Have you heard the story of The boy who cried green shoots ?
It's only bizarre because it doesn't fit into your thesis. The data show increasing housing prices with a pickup in new and existing homes sales. Not rocket science really. Pure economics.
CS index futures market still suggests a slight drop, though the outlook is more bullish than it was a few months ago.
Of course you unsuccessfully called it for some time before then.
Have you heard the story of The boy who cried green shoots ?
Not true at all. I acknowledged a terrible bear market but still suggested it would end a lot sooner than consensus and I was exactly right. The evidence has been out there for a year or more, that's what I was posting about.
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). So year-to-date 2009 change is still worse (if you like overpriced real estate) than the same month year-to-date 2008 change.
