S&P/Case Shiller Home Price Index
The June S&P/CaseShiller 20 city Home Price Index fell 15.44% y/o/y, better than the expected fall of 16.4%. The index rose 1.4% m/o/m, the 2nd month in a row of m/o/m gains. From the record high, prices are down by 31.3%, off the high to low drop of 32.6% at the low in April. Every city except Detroit and Las Vegas saw m/o/m gains with Phoenix and Las Vegas again leading the y/o/y drop. The $8,000 tax credit (and $10,000 in CA) coinciding with a seasonally better time for housing sales (the data is not seasonally adjusted) and a smaller contribution from foreclosures (about 1/3 now down from 1/2 in the early part of the year) relative to a few months before are helping to stabilize pricing. The question looking out the next few quarters is what the influence will be from a catch up in home prices to the downside in the prime area and the end to foreclosure moratoriums at many banks.
August 25th, 2009 at 10:20 am
Does the CaseShiller include REOs/short slaes? Does it include price offsets (builder pays closing costs, provides upgrades….)?
August 25th, 2009 at 6:19 pm
Defaults from borrowers with good credit contributed to much of the increase in seriously delinquent loans, echoing data from the Mortgage Bankers Association. As the recession claims more jobs, borrowers in good standing are more likely to miss their mortgage payments.Efforts to modify home loans have been slow and easily outpaced by the number of new delinquencies.
Read more: http://www.housingnewslive.com