The latest Case-Shiller numbers came out today. They are for October representing data for three months prior, this very lagging.
This article was originally published by Mish Talk.
Home Price Synopsis
CS National ,Top 10 Metro, CPI, OER Index Levels
Chart Notes
The Fed ignored all three occasions hoping to make up for “lack of inflation”. The Fed “succeeded” beyond it’s wildest dreams.
CS National, Top 10 Metro, CPI, OER Percent Change
The year-over-year CPI has finally peaked this cycle as have home prices. I added a new chart to show year-over-year home prices in the 10 top markets.
Case-Shiller Home Prices Percent Change Year-Over-Year
Home prices are falling fast in every market with San Francisco leading the way and Miami lagging badly.
Year-Over-Year Percent Changes by City
Don’t believe any of that. Those prices are very stale.
I suspect that at a minimum, San Francisco, San Diego, and Los Angeles are all in the red with many more cities approaching that level.
Zillow Comparison
Zillow says that prices in 99 percent of the nations 400 largest housing markets are still up year-over-year.
I do not believe that either although Zillow claims its methodology is more timely.
For discussion, please see How Accurate are Zillow Year-Over-Year Home Price Estimates?
Amusingly, last month Zillow said the home price correction is over. Zillow then retracted that statement but is still talking about a bottom near at hand.
What a hoot. Zillow is acting like a housing cheerleader even more so than the National Association of Realtors.
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