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And the final nail in the coffin for the bears. Their own survey, case-shiller, shows home prices rose 0.5% in May, the first monthly increase IN 3 YEARS.
It's been fun but I told you the market was turning.
I hope this is the turn for a stabilzation in house prices. The true test will be this fall/winter to see if these prices hold or if the offseason will cause another drop/dip.
Yes the Bears must be very worried. The non-seasonally adjusted case-shiller numbers went up in summer!
I can't help but noting that when the national news is better than the NJ news the cheerleaders ignore the "all real estate is local" argument they make when the NJ news is better.
For NYXR the number went up by 0.018%, this isn't the first time in 3 years (that's the national number...) since in June 2008 the NYXR number went up by 0.27% (yes 15x more than the increase being trumpeted now). We need to wait for the June and July numbers to be able to see if the 2009 summer bounce will be higher than the 2008 summer bounce (in relative terms, not in absolute terms obviously).
If we use seasonally adjusted numbers (as I'm sure the cheerleaders all were in winter) then the NYXR case-shiller number dropped from 171.22 to 170.99 for a 0.13% decline. Note the seasonally adjusted number last increased in March 2007 for NJ (January 2007 nationally).
Of course when I say nationally with respect to case-shiller I mean their overall composite-20 which isn't actually national by any stretch of the imagination.
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