This page has been archived and commenting is disabled.

Case Shiller Home Prices Post Tiny Increase In December Driven By Las Vegas, Los Angeles

Tyler Durden's picture





 

As expected earlier, today's December Case Shiller data came and went and nobody cared. Perhaps because it is three months delayed, perhaps because it posted an increase in the NSA top 20 city composite at a time when all the previous data was supposedly contracting due to snow in the winter, to the Sandy endless aftermath, or due to the Fiscal Cliff, or perhaps just because the NSA increase (and remember: Case Shiller itself says one should use not adjusted data for an accurate sense of what is going on) was so tiny (0.16%) that nobody cared. Either way, after two sequential monthly declines, the Top 20 Composite index is back to 145.95, lower than the level hit in September.

Even a casual glance at the below the headline data showed that the increase in December house prices were driven mostly by Las Vegas (+1.8) and Los Angeles (+1.14%). Where have we seen this before. Declines were reported in Denver, Washington, Chicago, Detroit, Minneapolis, Charlotte, New York, Cleveland, Portland, Dallas, Seattle. Excluding those, the Case Shiller was up much more.

From the report:

“The National Composite increased 7.3% over the four quarters of 2012. From its low in the first quarter, it surged in the second and third quarter and slipped slightly in the 2012 fourth period. The 10- and 20-City Composites, which bottomed out in March 2012 continued to show both year-over-year and monthly gains in December. These movements, combined with other housing data, suggest that while housing is on the upswing some of the strongest numbers may have already been seen.

“Atlanta and Detroit posted their biggest year-over-year increases of 9.9% and 13.6% since the start of their indices in January 1991. Dallas, Denver, and Minneapolis recorded their largest annual increases since 2001. Phoenix continued its climb, posting an impressive year-over-year return of 23.0%; it posted eight consecutive months of double-digit annual growth.”

 


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tue, 02/26/2013 - 10:22 | Link to Comment EscapeKey
EscapeKey's picture

that is excellent news. i am sure on the back of this, bernanke will cease printing with immediate effect, considering the resilience of the us consumer.

Tue, 02/26/2013 - 10:27 | Link to Comment knukles
knukles's picture

Between this and Jim Cramer, everything should kinda appear fine for a moment while I'm confused.

He was ranting on this am so I turned on the volume just to listen to whatever shite he was selling today.  He made no sense with a whole buncha ooohs and aahhs and maybes and when as is then shouldas...

Jesus, people who act like that used to be put away out of sight.
Now they give financial advice on the propaganda machine.

WTF?

Tue, 02/26/2013 - 10:34 | Link to Comment CheapBastard
CheapBastard's picture

So everything's fine? How wonderful!

Tue, 02/26/2013 - 11:07 | Link to Comment Never One Roach
Never One Roach's picture

"Better buy now. You don't want to be priced out of the market, now, do you?"

Tue, 02/26/2013 - 10:38 | Link to Comment smlbizman
smlbizman's picture

i left the sound off...that is why i dont know the bald headed goat that  i was watching.... but he seemed to be vomiting up his next meal......was that case?

Tue, 02/26/2013 - 10:54 | Link to Comment azzhatter
azzhatter's picture

Did he also reiterate his AAPL $1000 call?

Tue, 02/26/2013 - 10:44 | Link to Comment blindfaith
blindfaith's picture

Yes, yes...I know it to be true.

 

I heard that all is just peachie today on NPR 'Market watch", as told by the Vally childern that run that pathetic troll repeating radio show.

Tue, 02/26/2013 - 10:23 | Link to Comment monopoly
monopoly's picture

ZZZZZZzzzzzz

Tue, 02/26/2013 - 10:34 | Link to Comment Stoploss
Stoploss's picture

It's all tax sales anyway. Good luck with those titles.

Tue, 02/26/2013 - 10:49 | Link to Comment blindfaith
blindfaith's picture

 

 

No...it is all money laundering, don't kid yourself. 

Take Florida (please!) where the money comes in in suitcases and buys a house sight unseen, for cash (price is no object),  and just a few weeks later is put right back on the market at "seller will accept any offers".  There, money just as clean as the freshly printed type in DC.

Tue, 02/26/2013 - 10:25 | Link to Comment buzzsaw99
buzzsaw99's picture

join the howmuchamonth club

Tue, 02/26/2013 - 10:42 | Link to Comment smlbizman
smlbizman's picture

i was in baltimore, it was more like.....what be my montly?

Tue, 02/26/2013 - 10:25 | Link to Comment Sudden Debt
Sudden Debt's picture

so... somebody OVERPAID 20$ on a house and it's called a increase...

 

Tue, 02/26/2013 - 10:32 | Link to Comment Shizzmoney
Shizzmoney's picture

I'm 30, and I only know 2 couples who have bought houses in the last 5 years.

The rest of us rent, or "own" a condo (which can be flipped).

Soemone is buying these houses, and it ain't working people (even on credit).

Tue, 02/26/2013 - 11:32 | Link to Comment Temporalist
Temporalist's picture

Big RE companies like Blackstone Group are buying up clumps of properties to rent to the impoverished masses. 

Tue, 02/26/2013 - 11:48 | Link to Comment Sudden Debt
Sudden Debt's picture

I don't want to rush you but 30 is kind of a key date to buy a house.

If you wait any longer, banks won't lend indeed because your to old.

Just buy a house dude. Paying rent is a waste of money.

And don't look at it as a investment now. But in 20 years when you downpaid it. It will be yours. A apple.

Now you have nothing. And it's harder to save 400K than to downpay it because the money comes from the expense part of your salary and not your saving part.

Look at your salary as 3 parts:

1. The part you need to buy food, car...

2. The part for housing

3. Spending money

So if you save for a house, it comes from part 3 where you lose luxery. If you take it from part 2 which you need anyway, you'll have more spending money than when you rent.

 

Tue, 02/26/2013 - 11:55 | Link to Comment Temporalist
Temporalist's picture

You are leaving out taxes which are out of your control, maintenance on housing that you won't pay for when renting, insurance which is higher, potential for disaster like cesspool/septic/sewage problems; oil/gas/hotwater heater issues; AC issues; roofing replacement; driveway sealing; brick pointing; marble cleaning; gardening; tree trimming; neighbors and their dogs; inflexibility to leave (must sell with potential loss); flooding; sprinkler systems; changing neighborhood demographics or political makeup; etc.

Tue, 02/26/2013 - 12:07 | Link to Comment darteaus
darteaus's picture

Yes, and property taxes in TX run from 2.3% - 3.5% per year.

So, on a $200K Dallas home, you're looking at $500/month in taxes.

Tue, 02/26/2013 - 16:19 | Link to Comment mumbo_jumbo
mumbo_jumbo's picture

suden debt is an obvious troll.

Tue, 02/26/2013 - 10:35 | Link to Comment SnobGobbler
SnobGobbler's picture

A 13.6% y/y increase on a 500$ house in detroit = BULLISH!!!! we're having a house-razing in the D bitches!

Tue, 02/26/2013 - 10:57 | Link to Comment blindfaith
blindfaith's picture

Time for English 101: root words

CON...congress, contractor, control...

SHILL...ug..hummm...shiller.

Tue, 02/26/2013 - 10:27 | Link to Comment ptoemmes
ptoemmes's picture

One can alway spin, spin, spin and da boyz at CNBS are "good" at it.: http://www.cnbc.com/id/100495122

US Home Prices Climb in December, Best Yearly Gain Since 2006: Case Shiller

Tue, 02/26/2013 - 10:32 | Link to Comment mayhem_korner
mayhem_korner's picture

 

 

...ignoring completely that the last time the Dow was near 14K, the C-S home index was 200.

Ponzi on, Garth!

Tue, 02/26/2013 - 10:28 | Link to Comment espirit
espirit's picture

Dumping the LV and LA properties due to looming water shortages.

BuuHahahahah!

Tue, 02/26/2013 - 10:53 | Link to Comment blindfaith
blindfaith's picture

 

 

Don't forget Arid-zona....but shoot as long as the golf courses are kept green what else matters.

Tue, 02/26/2013 - 10:29 | Link to Comment otto skorzeny
otto skorzeny's picture

robert shiller-another Ivy League tool of the East Coast media elite.as soon as the govt figured out how much clout his index had he got a visit from the govt's goons who sat him down and said -"Hey Bob- this is how it's gonna be."

Tue, 02/26/2013 - 10:30 | Link to Comment Shizzmoney
Shizzmoney's picture

With 2,680 single-family homes sold last month, it was the best January since 2007, said the Warren Group, a Boston firm that tracks real estate activity.

http://www.boston.com/businessupdates/2013/02/26/massachusetts-single-fa...

Whenever I see numbers that compare to "2007"....I get REALLY worried.

 

Tue, 02/26/2013 - 10:33 | Link to Comment espirit
espirit's picture

Indirectly or otherwise, the FED is the bagholder.

Tue, 02/26/2013 - 10:39 | Link to Comment H E D G E H O G
H E D G E H O G's picture

"Indirectly or otherwise, the FED is the bagholder." i believe WE, (if you are paying taxes), are the bagholders, no? please correct me if i've missed something.

Tue, 02/26/2013 - 12:03 | Link to Comment darteaus
Tue, 02/26/2013 - 11:01 | Link to Comment Bold Eagle
Bold Eagle's picture

Median price in Novermber, 2007 was $330,000. Median price in January, 2013 was $277,750.

Tue, 02/26/2013 - 10:31 | Link to Comment mayhem_korner
mayhem_korner's picture

Phoenix continued its climb, posting an impressive year-over-year return of 23.0%

 

Reminds of when Arkansas was hailed for its gains in education.  When your "begin" point is below sea level, it's impossible not to gain - even if only to return to the prominence of the 9th decile.

Tue, 02/26/2013 - 10:35 | Link to Comment espirit
espirit's picture

Just wondering where Phoenix gets it's water?

Tue, 02/26/2013 - 10:40 | Link to Comment ptoemmes
Tue, 02/26/2013 - 10:33 | Link to Comment Fishthatlived
Fishthatlived's picture

People actually believe this shit. Around here, people with homes that have been on the market for years are RAISING their prices.

Tue, 02/26/2013 - 10:41 | Link to Comment mayhem_korner
mayhem_korner's picture

 

 

+1 There is one and only one reason why a listed home doesn't sell - the price is too high. 

You may want to consider relocating.  Doesn't sound like the folks in your area will fare well in what lies ahead.

 

Tue, 02/26/2013 - 10:33 | Link to Comment thismarketisrigged
thismarketisrigged's picture

So how long does it take for the major averages to gain back all of yesterdays losses?

 

already up 85 pts on dow and bernanke will prob pump up more during his testimony.

 

this is such a joke, up on nothing whatsoever.

Tue, 02/26/2013 - 10:34 | Link to Comment caimen garou
caimen garou's picture

well hell, since we have a housing recovery i have log house and 80 acres and shop will sell at reduced price of $ 10 million! has excellent well, prime garden area and good hunting, and river frontage! come and get it! if you act now recieve an I-phone for an extra 1 K!

Tue, 02/26/2013 - 11:59 | Link to Comment darteaus
darteaus's picture

I have a crisp Z$100,000,000,000,000 bill for you!

Tue, 02/26/2013 - 10:34 | Link to Comment Dr. Engali
Dr. Engali's picture

“Atlanta and Detroit posted their biggest year-over-year increases of 9.9%"

 

When houses have more in scap value than in living value  it's fairly easy to see some growth.

Tue, 02/26/2013 - 10:38 | Link to Comment CheapBastard
CheapBastard's picture

Anyone take time to look at the number of "free lunches" in the schools in Las Vegas or some of these others? That extremely high number of families who cannot even afford lunch paints a different picture in many of these communities.

Tue, 02/26/2013 - 10:37 | Link to Comment q99x2
q99x2's picture

They are building all through Hollywood and the beach areas. Freeway traffic on the weekends is nearly a standstill in LA. It sucks. Weekdays it is not as bad except for rush hour. All in all I've not noticed any difference in the last 25 years as far as construction and traffic except at the time of the LA riots and the Northridge earthquake.

Tue, 02/26/2013 - 10:40 | Link to Comment GMadScientist
GMadScientist's picture

LA traffic has been universally shitty since Nixon closed the gold window.

A great counter-argument to the notion that every moron with a pulse deserves a car to drive.

Tue, 02/26/2013 - 10:46 | Link to Comment overmedicatedun...
overmedicatedundersexed's picture

CB's across the world printing and printing, something has to go up damn it ..why the US economy is not growing by 5% or more I do not know..it's like the money falls thru a black hole, oh wait the banks have it all, never mind.

Tue, 02/26/2013 - 11:12 | Link to Comment Monedas
Monedas's picture

Only illegals can afford to drive .... no insurance, no license, stolen car .... blacks still don't drive much .... Obama needs a massive free cel phone, gas stamp type program .... free insurance, DMV social workers come to your Section 8 home .... and do it all for you .... motor voter EBT cards .... free roadside service, of course .... maintaining a car is just too complicated for most blacks !

Tue, 02/26/2013 - 10:38 | Link to Comment GMadScientist
GMadScientist's picture

Lookee everybody! The corpse of Las Vegas farted. It's a miracle!

Tue, 02/26/2013 - 11:01 | Link to Comment razorthin
razorthin's picture

Wonderful.  More price inflation without wage inflation.  That's sustainable. Shill - er.

Tue, 02/26/2013 - 11:01 | Link to Comment Never One Roach
Never One Roach's picture

I enjoy those "Flip that House" commericals on TV every time after his appearance. Some might say....iRonic

Tue, 02/26/2013 - 10:59 | Link to Comment GrinandBearit
GrinandBearit's picture

Look at Phoenix! -lol

Don't worry... this dead cat bounce is all fake and very temporary.

Tue, 02/26/2013 - 11:05 | Link to Comment Monedas
Monedas's picture

Home Depot is getting a "Broken Window Bounce" .... !

Tue, 02/26/2013 - 11:35 | Link to Comment W74
W74's picture

Forget Detroit, come to a place like Baltimore or Richmond which are working-class towns but recieve just enough government largesse spillover so as to not make them compete shitholes.  See how housing is doing there.  There's a huge difference between Alexandria/Fairfax (gurb'ment jurbs) when paired against Richmond or even the Hampton Roads complex (which has plenty of military activity) just as there's a huge difference between the D.C. suburbs of Maryland (million dollar Montgomery county, and the ever declining slums of Prince Georges and Charles counties) versus the Baltimore burbs which don't receive quite as much in the way of gurbmint spending.

Case-Shiller is a decent index, but by no means through. They don't even have Philly on the list which is way larger than Portland or Tampa.  Why Dallas instead of Houston?  How about places like Oklahoma City, Des Moins, Omaha which are getting crushed.  The twenty cities chosen are by no means representative, that's all I'm saying.

Tue, 02/26/2013 - 11:52 | Link to Comment Sigep0612
Sigep0612's picture

Shiller was on Bloomberg this morning.  He said something along the lines that we shouldn't get too excited about these numbers because the only entity that is buying mortgage paper is the federal government and this can't go on forever.  Tom Keene was aghast.  "How can you say that this isn't a great report when your name is on the report."   Shiller came back with "Because its far from normal."    

Obviously, Mr. Shiller sees something on the horizon that increases gravational pull. 

 

Tue, 02/26/2013 - 11:56 | Link to Comment orangegeek
orangegeek's picture

Philly Housing Index has broken support.

 

http://bullandbearmash.com/chart/philly-housing-index-falls-hard-breaks-...

 

It's wonderful that houses are selling out there, but housing vendors are sliding.  Interesting, isn't it.

Tue, 02/26/2013 - 13:31 | Link to Comment edifice
edifice's picture

It's just the Chinese buying everything up, to rent back to us.  See? It's a housing recovery...

Tue, 02/26/2013 - 20:16 | Link to Comment SmittyinLA
SmittyinLA's picture

I live in LA, the only people buying are foreigners, CLUELESS FOREIGNERS who have no idea how many mortgages and homes are really in arrears. 

They are legion.  

Do NOT follow this link or you will be banned from the site!