Four cities have set new all-time highs for prices, two are more than 20% above their pre-crisis peaks: (click on table or chart for larger image) Home prices are much more volatile than rents and are rising a bit faster currently: With inflation quite low, the real and nominal home prices track one-another, unlike the […]
David M. Blitzer is managing director and chairman of the Index Committee with overall responsibility for index security selection, as well as index analysis and management.
Prior to becoming Chairman of the Index Committee, Dr. Blitzer was Standard & Poor’s Chief Economist. Before joining Standard & Poor's, he was Corporate Economist at The McGraw-Hill Companies, S&P's parent corporation. Prior to that, he was a Senior Economic Analyst with National Economic Research Associates, Inc. and did consulting work for various government and private sector agencies including the New Jersey Department of Environmental Protection, the National Commission on Materials Policy and Natural Resources Defense Council.
Dr. Blitzer is the author of Outpacing the Pros: Using Indices to Beat Wall Street’s Savviest Money Managers, (McGraw-Hill, 2001) and What’s the Economy Trying to Tell You? Everyone’s Guide to Understanding and Profiting from the Economy, (McGraw-Hill, 1997). In the year 2000, Dr. Blitzer was named to SmartMoney magazine’s distinguished list of the 30 most influential people in the world of investing, which ranked him seventh, and in the year 1998, Dr. Blitzer was named the nation’s top economist, receiving the Blue Chip Economic Forecasting Award for most accurately predicting the country’s leading economic indicators for four years in a row. A well-known speaker at investing and indexing conferences, Dr. Blitzer is often quoted in the national business press, including the New York Times, Wall Street Journal, USA Today, Financial Times, and various other financial and industry publications. He is frequently heard on local and national television and radio.A graduate of Cornell University with a B.S. in engineering, Dr. Blitzer received his M.A. in economics from the George Washington University and his Ph.D. in economics from Columbia University.
Author Archives: David Blitzer
Prices of existing single family homes, as measured by the S&P/Case-Shiller National Home Price index, are rising is single digit terms. However, the price changes that matter – the real or inflation adjusted changes – may be higher than many suspect. Backing out inflation, as shown in the chart, gives real increases averaging 6.3% annually […]
The Fed’s Senior Loan Officer Survey was published this week and shows both an increase in the demand for mortgages and that some banks have eased their credit standards somewhat. While neither of these shifts heralds a huge boom, they are welcome news. Click on the chart for a larger image. The full survey can be […]
These charts are from Bob Shiller. The first scatter gram compares the unemployment rate with the change in home prices in the 12 months through April, 2015. There is no obvious pattern orrelation between unemployment rates and the change in home prices. The second scatter gram tells a different story: the faster employment grew over […]
The table shows the high and low index levels and dates for the 20 S&P/Case-Shiller Home Price Index cities. The chart shows the recent evolution of the year-over-year change in the S&P/Case-Shiller National Index. Since late 2013 the year-over-year gains have dropped from an unsustainable double digit pace and now may be leveling off with […]
Two recent data points – existing home sales and mortgage debt outstanding – point to continued strength in the housing recovery. May total existing home sales, including single family homes, town houses and condominiums, were 5.35 million, up 5.1% and the highest figure since November 2009. Sales of single family homes were 4.73 million, 5.6% […]
Housing starts surged in April with strong gains in single family homes as well as two to four unit and five or more unit buildings. Construction of single family homes has been lagging in recent years. If the gains are confirmed by next month’s numbers, maybe housing will finally have a late spring season. Sales […]
The first chart shows the Condo indices: The next chart shows the low, mid and high price tier indices for San Francisco. The indices moving together recently suggests that the boom-bust bubble is behind us. The first table shows the highs and low for the indices, the second shows the year-over-year changes, ranks for year-over-year […]
RealtyTrac® reported today that the percentage U.S. residential properties that are seriously underwater — where the combined loan amount secured by the property is at least 25% higher than the property’s estimated market value — ticked up to 13.2% percent of all properties with a mortgage in the 2015 first quarter from 12.7% in the […]
RealtyTrac® released today its U.S. Home Equity & Underwater Report for the fourth quarter of 2014, showing that at the end of the year there were 7,052,570 U.S. residential properties seriously underwater — where the combined loan amount secured by the property is at least 25% higher than the property’s estimated market value — representing […]