Since the release of yesterday’s Case-Shiller housing data, there’s been a lot of talk about whether this was a false green shoot. Technically home prices edged higher in May, but with the seasonal adjustments they were still lower.
To that we say: STOP SPLITTING HAIRS
Barry Ritholtz posts this chart from Bianco Research, going back a few years comparing seasonally-adjusted home prices and non-seasonally adjusted (blue). Yes, May was down, but it’s beyond obvious that May was a far better month than we’d seen in over 2.5 years.
Sure, prices may accelerate on the downside again. But no matter how you slice it, this was a surprisingly good for month.
Dear perma-bears, your stretching more and more your argument that the world is inexorably going to crap.
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