For the second month in a row, the Case-Shiller numbers came in weaker than expected.
On a year-over-year basis, the 20-city index fell 7.3% in October, a bit worse than the 7.1% analysts had expected.
On a sequential basis, the price index was up .4%, though gains were only seen in 11 of the 20 cities covered.
But maybe there’s a bull case to be made. What we aren’t seeing is the huge drop-off in prices that many had predicted when the summer buying season ended.
Granted, we’re providing unprecedented support to the housing market right now in the form of quantitative easing, the tax credit, and at least 6 other programs. So all that has to be considered. But the index is obviously showing some signs of stabilisation, even if our feverish v-shaped dreams from earlier this year aren’t coming to fruition.
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