The S&P/Case-Shiller national index is down 5.1% year-over-year:
U.S. home prices fell 4.2% in the first quarter, hitting their lowest levels since mid-2002 after falling 3.6% in the fourth quarter, according to the S&P Case-Shiller home-price indexes.And The Wall Street Journal gives us this little reminder:
"This month's report is marked by the confirmation of a double-dip in home prices across much of the nation," said David Blitzer, chairman of S&P's index committee. "The National Index fell 4.2% over the first quarter alone, and is down 5.1% compared to its year-ago level. Home prices continue on their downward spiral with no relief in sight," he added. ...
Once federal home-buyer tax credits expired last year, the indexes — based on the three-month averages of home prices — started to fall again in August, increasing fears of a double dip in the home-buying market.
While other parts of the economy have started to show improvement, the housing market continues to sputter as U.S. unemployment remains high and a steady supply of foreclosures weigh on home sales and prices.
The National Association of Realtors said earlier this month that existing home sales eased 0.8% in April from March, while prices dropped 5%.Yep, that's right, "eased," which means journalists are parroting the Realtors' spin verbatim.
And this is for you, Partisan:
Only the Washington, D.C., and Seattle markets saw month-to-month growth of 1.1% and 0.1%, respectively.Finally, here's how the Case-Shiller results compare to other indexes:
What are other price indexes showing?Personally, I think this would all be behind us if Congress hadn't artificially propped up the market from 2009-2010.
The CoreLogic index, which is used by the Federal Reserve, shows that prices in March were down 7.5% in March from one year earlier. When excluding distressed sales, prices were down by 1%. A separate repeat-sales index that excludes foreclosure sales from FNC Inc. shows that prices nationally were down 6.3% in March from one year ago.
Zillow’s national home value index, which excludes foreclosures but not short sales, was down 8.2% in March from one year ago and has declined for 57 consecutive months.
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Yeah. I totally agree with your comment about this being a result of the propped up market. I said as much back then. Sadly, I don't believe the politicians feel the same way and we can expect more action to prop up markets. Just as soon as they raise the debt ceiling.
ReplyDeleteI agree about the $8,000 or so write-off but only to a point.
ReplyDeleteThere are too many other things that are wrong, namely high unemployment, to bring stability to housing.
But I could see an increase in housing construction if builders sense that the declining rates of homeownership will last for a generation, and begin to work on building rental properties.
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And this is for you, Partisan:
ReplyDeleteOnly the Washington, D.C., and Seattle markets saw month-to-month growth of 1.1% and 0.1%, respectively."Thanks James.
"When Excluding Distressed Sales", is sort of like
ReplyDeleteExcluding Gun Related VIolence in a homicide survey.
This price information is very local like all real estate data. In my area in Los Angeles prices are down 1.7% year over year. Excluding distressed properties, prices are down 0.5%.
ReplyDelete