Monthly Archives: May 2011

The S&P/CS 20-City Composite and 12 cities lead the national trend

With an index value of 138.16, the 20-City Composite fell below its earlier reported April 2009 low of 139.26.  The March 2011 report confirmed a double-dip in home prices across much of the nation. In addition to the National Index, the 20-City Composite and 12 MSAs — Atlanta, Charlotte, Chicago, Cleveland, Detroit, Las Vegas, Miami, […]

How the Cities Did

While the overall numbers in the S&P/Case-Shiller Home Price Indices for March are down and disappointing, the pattern is not uniform.  A few cities — Washington DC and two in California — San Francisco and San Diego — remain above their recent lows. At the other end of the scale, Detroit is about 30% below […]

Double-dip in home prices

The much feared double-dip in home prices has materialized nationally. Data through March 2011 show that the National Index hit a new recession low with the first quarter’s data (the prior low was the first quarter 0f 2009, and we define this as the “double-dip”). The S&P/Case-Shiller U.S. National Home Price Index declined by 4.2% […]

National home prices hit new low in 2011 Q1 according to the S&P/Case-Shiller Home Price Indices

Data through March 2011, released today by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, show that the U.S. National Home Price Index declined by 4.2% in the first quarter of 2011, after having fallen 3.6% in the fourth quarter of 2010… To access click: S&P/Case-Shiller Home […]

Diffusing downward: another sign that prices are still weak

Diffusion indices —  how many stocks in the S&P 500 rose today or how many cities saw falling home prices last month– are one way some analysts evaluate market conditions.   Most attempts to explain why stocks rose or fell cite the number of winners vs. losers. If we do the same thing with the S&P/Case-Shiller […]

New home sales may be stable, but still too low

April new home sales were 323,000 units at seasonally adjusted annual rates, better then expected, up 7.3% from March’s 301,000 pace and 17.8% above the low set in May, 2010.   First chart shows how sales collapsed in 2007 through 2008, bottoming out 78% below their level in December 2005.  Sales of existing homes also dropped […]

Economic Update: New Home Sales Rise 7.3%

Sales of new single-family homes rose 7.3% in April, to an annual rate of 323,000. The rate is higher than the 303,000 expected by the consensus, but is down 23.1% from last April, when sales were boosted by the homebuyer tax rebate. The median sales prise rose 4.6% from a year earlier, to $217,900, the […]

Highlights Of April’s Existing Home Sales

U.S. existing Home sales showed weakness in April in all regions except the Midwest. Below are some of the highlights of April’s Existing Home Sales Report: Existing home sales were down 0.8% based on the completed transactions in April. This decline in sales comes after an increase in March. However, existing sales were down 12.9% […]

The chicken or the egg? Isn’t housing supposed to lead the recovery?

In most recent economic recoveries, residential construction has led the general economic recovery.  Home purchases are very sensitive to interest rates, which tend to be their lowest at the end of a recession. Consequently, interest sensitive purchases, such as homes and automobiles, are the first to rebound at the start of a recovery. This time […]

Chicago’s condo market is the weakest among five major MSAs

With the April 28th release of February 2011 data for the S&P/Case-Shiller Home Price Indices, we saw a significant fall in condo prices in the Chicago area.  The index reported an average condo price decline of 3.1% in February versus January.  The data look worse if you view the market over the prior six months […]

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