The headline 20-city housing decline of 3.1% in the Case-Shiller index appears to be right in line with what analysts were expecting.
On a sequential basis, home prices fell 0.2%, which Robert Shiller attributes entirely to seasonal behaviour (via CNBC)
Once again, we get evidence that there’s no national housing market, as some cities like New York continue to fall sequentially, while Las Vegas is bouncing back a little.
The other big theme: If you’re waiting for the market to come “back,” then you’re going to have to wait for years.
We’ll add the full release and charts once it’s out, however the bottom line is that this isn’t a market-moving report. (And it’s actually been a while since a Case-Shiller report had a big impact). Futures are where they were before the report hit.
For a little more macro perspective, see here on why the numbers are big win for the economy, since they’re clearly superior than what the Fed had anticipated when it stress-tested the banks.
More to come..
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