Home prices posted a steep, month-over-month drop in November, falling 1.3%, according to the latest S&P/Case-Shiller 20-city report. Prices fell in 19 of the 20 cities the index covers.
Prices are down 3.7% from a year ago, and off 32.8% since they peaked in the summer of 2006. The index is currently only 0.6% above its March, 2011 low.
"Despite continued low interest rates and better real GDP growth in the fourth quarter, home prices continue to fall," said David Blitzer, spokesman for S&P.
Tuesday, January 31, 2012
S&P/Case-Shiller HPI down in November
The November numbers for the S&P/Case-Shiller Home Price Index are out. The 20-city index is down 3.7% year-over-year and down 1.3% month-over-month:
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Case-Shiller were good for the short side of the bubble bursting, but their model has been part of the cancer that fails to differentiate troubled housing from owner inhabited and maintained product. A consequence of this is that the cities they use as indices have become self-predictive of any weakness, while data that's 'too divergent' is filtered out by them - AKA NYC. In light of NY state's tax profile and policies according to the logic of conservatives NYC should have been the hardest hit, but that turned out to be totally not the case. So it is possible that Case-Shiller is part of the disease and not a diagnostic tool in its undifferentiated and qualified application.
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