Case-Shiller: Housing in Double Dip, fourth consecutive month of dropping home prices

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Deceleration in 18 of 20 cities in the MSAS Annual Growth Rate

In October only 4 cities rose, LA, San Diego, SF & D.C. saw gains in house prices

-6 cities hit all new lows since the collapse began in 2006

CR breaks out the data reflecting previosuly strong housing markets now succumbing to the collapse:

…six markets – Atlanta, Charlotte, Miami, Portland (OR), Seattle and Tampa – hit their lowest levels since home prices started to fall in 2006 and 2007…

Blitzer says the double dip is ‘almost here’ (from here in Phoenix I can tell you it has been here for a while, TPTB have just been hoping and praying it would ‘go away’ all by itself, NOT GONNA HAPPEN.

The US economy and the US consumer, and therefore, the global economy, which is dependent upon the US consumer, WILL NOT RECOVER until they FIX HOUSING. DO HOLC.


Obama and Geithner have left the BANKS in charge of this, the GSEs and the TBTF keep shuffling paper back and forth for buybacks and assorted BS. GET REAL, THE TAXPAYERS ARE ON THE HOOK FOR ALL OF IT AND WE ALL KNOW IT, JUST BITE THE BULLET AND DO THE DAMNED WRITE DOWNS.

The TBTF seem to be incapable of doing what NEEDS to be done to allow the economy to recover, the CONSUMER needs to be deleveraged from their massive housing debt. JUST DO IT.


..The Standard & Poor’s/Case-Shiller composite index of 20 metropolitan areas declined 1.0 percent in October from September on a seasonally adjusted basis, a much steeper drop than the 0.6 percent fall expected by economists….

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December 28, 2010. Tags: , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, TARP, Unemployment Statistics, Wall St. Comments off.

Housing: the double-dip is here – Case Shiller Home Prices Edge Down

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Courtesy of CNBC:

The Standard & Poor’s/Case-Shiller 20-city home price index posted a 0.5 percent drop from February. Prices in 13 of the 20 cities tracked by the index fell month over month. David Blitzer, S&P 500 Index Committee chairman, discusses the data with CNBC

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May 25, 2010. Tags: , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, Unemployment Statistics, Wall St. Comments off.

Market Mover Tuesday: Home Price Index falls 19.1% in 1Q..another record decline…

Still no bottom in housing prices….

Breaking now.…will update as it is coming in…

Foreclosures have been continuing to rise, creating additional inventory that is driving prices lower…

Case-Shiller Index continues to drop:

A widely watched index shows home prices fell at the sharpest rate ever in the first quarter.The Standard & Poor’s/Case-Shiller National Home Price index released Tuesday reported home prices tumbled by 19.1 percent in the first quarter, the most in its 21-year history.

Home prices have fallen 32.2 percent since peaking in the second quarter of 2006 and are at levels not seen since the end of 2002.

The 20-city index fell by 18.7 percent in March from the year before and the 10-city index lost 18.6 percent.

May 26, 2009. Tags: , , , , , , . Economy, Foreclosures, Housing, Obama Administration, Politics, Uncategorized. 1 comment.

Case Shiller Index Released…Record Declines Continue….December y/y down 18.2%…

Single Family Home Prices continue record declines…being in the Sunbelt, ground zero for housing collapse, I am ready to LIMBO when these numbers come have to laugh or you lose your mind…

Feel like we need Sha Na Na from Grease..How Low Can You Go!!! LIMBO!!!

home price index records 18.2% decline in 4Q of 08…

20 city composite posts annual decline of 18.5%…10 city composite also sets record decline of 19.2%


Home prices in 20 U.S. cities declined 18.5 percent in December from a year earlier, the fastest drop on record, as foreclosures climbed and sales sank.

The decrease in the S&P/Case-Shiller index was more than forecast and followed an 18.2 percent drop in November. The gauge has fallen every month since January 2007, and year-over- year records began in 2001.

…Compared with a year earlier, all areas in the 20-city survey showed a decrease in prices in December, led by a 34 percent drop in Phoenix, a 33 percent slide in Las Vegas and a 31 percent decline in San Francisco.

Quarterly Figures

S&P/Case-Shiller also released quarterly figures for home prices nationally. That measure showed an 18.2 percent drop in the three months through December from the same period in 2007, compared with a 16.6 percent year-over-year decline in last year’s third quarter.

“The broad downturn in the residential real estate market continues,” David Blitzer, chairman of the index committee at S&P, said in a statement. “There are very few, if any, pockets of turnaround that one can see in the data.”

February 24, 2009. Tags: , , , , , , , , , , , , , . Doo Wop, Economy, Entertainment, Film, Finance, Foreclosures, Housing, Music, Obama Administration, Politics, Popular Culture, Uncategorized, Wall St. 1 comment.

Market Movers for Tuesday: Case Shiller Housing Index, Bernanke Testimony and POTUS Budget Address to Congress….

UPDATE: On DOW today, new lows were hit for Caterpillar, Intel, Pfizer, GE, Alcoa among others…it is in EVERY SECTOR..contrary to Gibbs assertions, the markets, being a forward looking beast, are NOT merely reacting to the recession, NABE estimates the recession is nearly over. The markets are reacting to Obama Administration and Congressional policy IMO…killer for markets..

Case-Shiller Index is released at 9:00 am EST tomorrow, results forecast ANOTHER record drop in housing prices as the devaluation continues….Ben Bernanke speaks before the Senate Banking Committee at 10:00am EST and tomorrow evening the Budget Address to Congress Critters….Obama is already flip flopping on the Sunday chatter that they would let Bush tax cuts expire by throwing out a possible corporate tax deduction….small business seems to be off his radar now sadly….

New home sales numbers come out Thursday…..


Standard & Poor’s releases its S&P Case/Shiller Home Price Index for December, 9 a.m. (1400 GMT). Economists in a Reuters survey expect a decrease of 2.2 percent versus a 2.2 percent fall in the previous month.

Federal Reserve Chairman Ben Bernanke testifies on monetary policy before the Senate Banking Committee, 10 a.m. (1500 GMT).

NYTimes (with requisite JFK like Obama pose pic):

The televised speech, which his advisers have been preparing for as though it were a formal State of the Union address, is typically an opening act on Capitol Hill for a new president, a moment to outline specific goals of an administration. But the appearance by Mr. Obama follows a string of legislative action, notably passage of the economic stimulus package, along with a wave of criticism over a series of government bailouts and rescue plans.

MiM here, sounds like another no THERE THERE moment coming in this speech, just some canned campaign lines and Reagan SUN IS COMING UP language perhaps (if they listened to Big Dawg):

“Sometimes these speeches can be a series of disembodied initiatives, a catalog of ideas that don’t necessarily cohere,” said David Axelrod, a senior adviser to the president. “Today, we’ve got huge challenges that are very much related, so there is a narrative to tell about how we get to a better day.”

The president is not planning to announce significant new policies, officials said, but intends to explain how his agenda can advance despite the deepening recession and monumental budget deficit. The address will be heavily weighted toward domestic priorities and the economy, aides said, and will offer only a brief look at foreign policy.


While Mr. Obama will not lay out specific sacrifices he is asking of Americans, Mr. Emanuel said, a section of the address will be devoted to “what we’re going to have to give up” to withstand the challenges facing the nation.

MiM again, ‘what WE have to give up’ but NO specifics, yeah Carter malaise on steroids…more fear and loathing in the markets…

While the presidential address will be threaded with themes of optimism, in part to counter some criticism that Mr. Obama has been “talking down” the economy, aides said his words would reflect the harsh reality of the challenges facing the country.

AZ Republic:

A report Thursday will show new-home sales fell to 324,000 on an annual basis, according to the median estimate of economists surveyed by Bloomberg News. The same day, the department may report demand for goods meant to last several years dropped 2.5 percent, economists said.

A surge in foreclosures and plummeting demand for homes has depressed prices, sending the S&P/Case-Shiller 20-city home-price index down 18.3 percent in December from a year earlier, according to another Bloomberg survey.


“Housing is going to be declining for a good, long time yet,” said Derek Holt, an economist at Scotia Capital Inc. in Toronto. “This is not going to be a market where builders put new supply into the market this year because of the sharp overhang.”

At the December sales pace of 331,000 new homes, it would take a record 12.9 months to whittle down the number of houses builders are holding, more than twice the five-to-six months supply the National Association of Realtors has said is consistent with a stable market. U.S. home foreclosures rose 17.8 percent in January from a year earlier, according to a report from RealtyTrac Inc.

February 23, 2009. Tags: , , , , , , , , , , , , , , , , , , , , , , . Economy, Finance, Healthcare, Housing, Labor Department, Obama Administration, Politics, TARP, Uncategorized, Unemployment Statistics, Wall St. 3 comments.

Case-Shiller Index released…worse than expected…home values drop 18%…

and the beat goes on….

That’s no ordinary twister folks!

That is falling housing prices…Kudlow used to play this clip and laugh at A Gary Shilling who called this crisis for what it was in one is laughing now….how many people can afford to take a 50% drop in their home values? In Phoenix we are there already….the only good news I can see in this report is surely Team Obama will MOVE on housing NOW…(hey don’t call me shirley…)

Professor Blitzer of S & P reporting live on CNBC says 11 of 20 cities across the country are in record declines…

Via Marketwatch:

Prices fell 3.4% in Phoenix and 3.3% in Las Vegas in November. In the past year, prices were down 33% in Phoenix, 32% in Las Vegas, and 31% in San Francisco.


Falling home values have helped to plunge the global financial system into chaos because of mortgage-backed securities. Home owners have lost trillions of dollars of wealth


Prices of single-family homes plunged a record 18.2 percent in November from a year earlier, indicative of a housing market that is still in the throes of a deep recession, according to the Standard & Poor’s/Case-Shiller Home Price Indices.

The composite index of 20 metropolitan areas fell 2.2 percent in November from October, S&P said in a statement on Tuesday. The depreciation on a month-over-month basis was slightly worse than expectations based on a Reuters survey of economists.


The freefall in residential real estate continued through November 2008,” David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s, said in a statement.

Why Case-Schiller Index matters to you courtesy of the Examiner:

…If you want to understand the Case Shiller index better, I recommend the multimedia graph set up by the New York Times. It shows each individual city, and looks back to 2001, so you have a better perspective on how prices have trended, instead of just hearing the year over year or month over month number. This page is dedicated to the index….

This economy will NOT improve until housing is addressed, period. Get to it Team Obama….

Here is Gary Shilling telling us what was coming in November of 2006…taking heat from Bulls like Luskin and Kudlow…note the DOW closed over 12,000 in this clip from 11/27/06….as they discuss Goldilocks economy and laugh at Gary Shilling’s warnings about the housing bubble…not laughing much now….

January 27, 2009. Tags: , , , , , , , , , , , . Economy, FDIC, Film, Finance, Foreclosures, Housing, Labor Department, Obama Administration, Politics, Popular Culture, TARP, Unemployment Statistics, Wall St. Comments off.

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