For some reason, the Case Shiller PDF keeps showing a
404 error fixed.
chart courtesy of S&P
Here is a quick overview via my pal Peter Bookvar:
The April S&P/Case-Shiller Home Price Index of 20 cities fell 15.3% y/o/y, a touch better than the expectations of a 16% decline but its still the biggest drop on record with this survey. All 20 saw y/o/y declines with the worst being in Las Vegas, Miami, Phoenix, LA, San Diego and San Francisco. The weakness in these markets are obvious to us all and not surprising, but the degree of further weakness remains the question. New York fell 8.4% and Boston fell 6.4%. Charlotte had the smallest y/o/y decline, falling .12%. This measurement includes both conventional and jumbo loans. OFHEO HPI that is out at 10am will include just conventional but will measure more markets.
More later . . .
Steep Declines in Home Prices Continued in April 2008
Category: Real Estate
click for video
U.S. stocks retreated, sending financial shares to their lowest level in five years, on a deteriorating outlook for bank earnings. Rising oil prices pushed crude producers higher, leaving the Standard & Poor’s 500 Index and Dow Jones Industrial Average little changed.
Merrill Lynch & Co., Morgan Stanley and Lehman Brothers Holdings Inc. helped lead the drop after Bank of America Corp. cut income estimates for brokerages and Goldman Sachs Group Inc. advised selling bank shares as credit losses linger into 2009. Oil’s second day of gains pushed down Home Depot Inc., General Motors Corp. and United Airlines parent UAL Corp., while sending energy shares to their first advance in four days. American International Group Inc., the largest insurer, tumbled to the lowest since 1997 on Barron’s recommendation to sell the shares.
Almost two stocks fell for each that rose on the New York Stock Exchange. The S&P 500 rose 0.07 point to 1,318. The Dow decreased 0.33, or less than 0.1 percent, to 11,842.36. The Nasdaq Composite Index slipped 20.35, or 0.9 percent, to 2,385.74.
Most U.S. Stocks Retreat, Led by Financials on Credit Concern
Bloomberg, June 23 2008
Seven Words You Can’t Say on Television
And the Supreme Court decision relating to the above: FEDERAL COMMUNICATIONS COMMISSION v. PACIFICA FOUNDATION, 438 U.S. 726, 98 S.Ct. 3026 (1978).
Other videos after the jump . . .
It Ain’t So: George Carlin Dies (Village Voice)
George Carlin: American Radical (The Nation)
From our files: The
nonconforming George Carlin (Christian Science Monitor)
The complete works of George Carlin
MFR’s Shapiro Sees Federal Reserve on Hold for Next Year:
MFR’s Shapiro Sees Federal Reserve on Hold for Next Year: Audio
Bloomberg, June 20 2008