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Case-Shiller Home Price Rise for 6th Month

Posted By Barry Ritholtz On November 27, 2012 @ 12:00 pm In Credit,Real Estate | Comments Disabled

Click to enlarge
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Home prices, according to the S&P/Case Shiller report, rose 0.4% sequentially (seasonally adjusted) in September and 3% year over year.

The index is now up for an 6th straight month, putting it at the highest level since Oct ’10 while still remaining 31% below its ’06 highs.

Jonathan Miller notes the declining momentum in Home sales: Falling mortgage rates are not creating housing sales [2]. He blames credit remaining very tight. On a year over year basis, 18 of the 20 cities surveyed saw gains. Only Chicago and New York saw declines. Miller observes that year-over-year comparisons in various national reports are “skewed higher from an anemic 2011.Housing Pulse [3] confirms this, observing further that 1st-time home buyers are not seeing any gains from the so-called recovery.

The bottom line is that housing has stabilized — but done so in a rate driven artificial manner — at least for now.

 

More Case Shiller Charts after the jump

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Source:
Home Prices Rise for the Sixth Straight Month According to the S&P/Case-Shiller Home Price Indices
Dave Guarino and David Blitzer
S&P Dow 500, November 27, 2012


Article printed from The Big Picture: http://www.ritholtz.com/blog

URL to article: http://www.ritholtz.com/blog/2012/11/case-shiller-home-price-rise-for-6th-month/

URLs in this post:

[1] Image: http://www.ritholtz.com/blog/wp-content/uploads/2012/11/chart-3-shiller.png

[2] Falling mortgage rates are not creating housing sales: http://www.millersamuel.com/blog/get-down-with-it-falling-mortgage-rates-are-not-creating-housing-sales/27312

[3] Housing Pulse: http://nationalmortgageprofessional.com/news32551/first-time-homebuyers-not-riding-wave-recovery

[4] Image: http://www.ritholtz.com/blog/wp-content/uploads/2012/11/chart-1-shiller.png

[5] Image: http://www.ritholtz.com/blog/wp-content/uploads/2012/11/chart-2-shiller.png

[6] Image: http://www.ritholtz.com/blog/wp-content/uploads/2012/11/chart-4-shiller.png

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