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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.”

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Tue, 02/26/2013 - 10:22 | 3277301 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 | 3277321 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.


Tue, 02/26/2013 - 10:34 | 3277341 CheapBastard
CheapBastard's picture

So everything's fine? How wonderful!

Tue, 02/26/2013 - 11:07 | 3277499 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 | 3277353 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 | 3277425 azzhatter
azzhatter's picture

Did he also reiterate his AAPL $1000 call?

Tue, 02/26/2013 - 10:44 | 3277379 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 | 3277303 monopoly
monopoly's picture


Tue, 02/26/2013 - 10:34 | 3277343 Stoploss
Stoploss's picture

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

Tue, 02/26/2013 - 10:49 | 3277402 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 | 3277309 buzzsaw99
buzzsaw99's picture

join the howmuchamonth club

Tue, 02/26/2013 - 10:42 | 3277357 smlbizman
smlbizman's picture

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

Tue, 02/26/2013 - 10:25 | 3277312 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 | 3277332 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 | 3277626 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 | 3277688 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 | 3277750 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 | 3277817 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 | 3278901 mumbo_jumbo
mumbo_jumbo's picture

suden debt is an obvious troll.

Tue, 02/26/2013 - 10:35 | 3277347 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 | 3277440 blindfaith
blindfaith's picture

Time for English 101: root words

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


Tue, 02/26/2013 - 10:27 | 3277317 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 | 3277333 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 | 3277322 espirit
espirit's picture

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


Tue, 02/26/2013 - 10:53 | 3277422 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 | 3277324 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 | 3277327 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.


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


Tue, 02/26/2013 - 10:33 | 3277335 espirit
espirit's picture

Indirectly or otherwise, the FED is the bagholder.

Tue, 02/26/2013 - 10:39 | 3277359 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 - 11:01 | 3277456 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 | 3277330 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 | 3277346 espirit
espirit's picture

Just wondering where Phoenix gets it's water?

Tue, 02/26/2013 - 10:40 | 3277360 ptoemmes
Tue, 02/26/2013 - 10:33 | 3277336 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 | 3277361 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 | 3277339 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 | 3277342 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 | 3277770 darteaus
darteaus's picture

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

Tue, 02/26/2013 - 10:34 | 3277344 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 | 3277351 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 | 3277352 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 | 3277363 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 | 3277389 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 | 3277520 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 | 3277354 GMadScientist
GMadScientist's picture

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

Tue, 02/26/2013 - 11:01 | 3277427 razorthin
razorthin's picture

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

Tue, 02/26/2013 - 11:01 | 3277451 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 | 3277455 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 | 3277491 Monedas
Monedas's picture

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

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