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Case-Shiller Home Price Index Posts First Monthly Drop In One Year
And the hits just keep on coming: after the atrocious Durable Goods number, it was the turn of the Case Shiller housing data, which reported what many already knew - in November the 20 City Composite index (the Non-seasonally adjusted version which as the report's authors acknowledge is the accurate one) posted its first monthly decline, dropping modestly from 165.9 to 165.8, or down 0.06%, since November of 2012. And while on an annual basis, the increase was still a solid 13.71%, up from October's 13.61%, these backward looking numbers will quite soon turn sharply negative once the sharp bounce in 2013 - driven not by a housing recovery but by institutional all cash buyers and foreign money launderers seeking to park their cash in the US - get anniversaried.
Finally confirming that the upward momentum is indeed over was none other than that bustling metropolis - bankrupt Detroit - which would not see a downward monthly print come hell or polar vortex, until it finally did in November, when monthly prices dipped by a tiny 0.1%: the first drop since February 2013. Oh well, the housing non-recovery was fun while it lasted.
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I don't need any housing charts. Just drive thru town and See all the for sale signs, yet no one ever seems to sell a house that isn't foreclosed.
Property prices down, beef and dairy prices up? There has never been a better time to buy a hobby farm.
Our family dinner of grass-fed beef from the offspring of our triple-purpose Milking Shorthorn, home-grown sweet potatoes mashed with fresh ginger and a little cayenne, stir-fried kale and cauliflower from the garden, and a glass of raw milk.
What's in your refrigerator?
I had a hard-boiled egg, a glass of OJ and a cigarette for breafast. Does that count?
I had some powdered doughnuts and a shot of Jim Beam. I'm good to go, but I'll need a nap around noon.
I am sure the beautiful environment that you live in makes it worthwhile to eat and drink that poison.
Poison? Who the hell cares?? I gots me Obamacare. Keep Obama in President!
It's the concrete jungle diet.
concrete jungle diet more like a handful of SSRI's with a Starbucks chaser.
If you can't bite, don't show your teeth.
Horseman....I'm on a damn diet. Stop posting shit like this!
What is a damn diet? Is it like a South Beach Diet?
For Sale
SOUTH BEACH
5025 Collins Ave, #804, Miami Beach, FL 33140
2 bed, 2 full bath, 1,410 sqft Condo
$1,175,000
Versus a 102 acre compound with 3 houses, a barn, and a greenhouse, in The Hill Country of Texas for $1,400,000...no beach, but there is a pool...
PS: Bandera is a very cool town, with excellent night life, lots and lots of cowboys and cowgirls, and the trail running at the State Park is world class.
Enough place to grown your own food, for 3? families. Nice :)
OT - but damn, the PBOC has bailed out #1 Gold Trust! I wanted a default for the new year :)
http://www.bloomberg.com/news/2014-01-27/china-s-rich-know-bailouts-equal-gold-no-1.html
Haha now I can get that sweet little hovel in Detroit for $9.90! Suckers!
Let's see AAPL, Durable goods, & Case Shiller all hit the shitter. If there is a god with a sense of humor he'll send the DOW down about 500 points on state of the union day.
was thinking the same thing. Heads are going to roll.
Green, +67. Clearly there isn't.
But it is still early.
But TWTR and FB are up 3%. Things have never been better for bots
Looks like an inflection point to me...
Driving through San Diego last weekend we couldn't help but notice a 10X increase in the number of FOR SALE/OPEN HOUSE signs out to capture the weekend lookie-loos. It felt like...the top and desperation is starting to set in
Thought the same thing as I was out for a run last night here in Florida.
Market was actually fine in our neighborhood, everyone who bought were families that were moving inand remodeling & updating. But last night I noticed that for-sale signs popped up out of nowhere. We went from like 2 or 3 in our fairly big neighorbood to probably 12-15 in the last week.
In my area of Minneapolis, if the seller bought the house prior to about 2001, they have enough equity and a low enough basis they have no trouble selling and coming out just fine. If, on the other hand, they bought between about 2003 and 2008, they're screwed. No way they have enough equity, and they have way too high a basis. They aren't going to get an offer high enough for them to be able to accept it, in most cases.
Things Goin' on
http://www.youtube.com/watch?v=c80ErUAIaVs (Lynyrd Skynyrd)
Even Obango wouldn't buy in Detroit, the mud hut in Kenya is much safer and nicer.
The one at the end of my street now has a big BANK AUCTION banner on it. I guess that's the recovery the Feds are talking about.
Maybe seeing signs of housing bubble #2 starting to leak air.
Here in Palo Alto (Shangri-la) things continue in boom mode. A smattering of for sale signs and you better have at least 1.5 million for a 2 bedroom 1 bath.
Don't worry, tonight Obama will give you an explanation for this housing glitch and everything else in his State of the Union rap.
NOW HAS NEVER BEEN A BETTER TIME TO GET FLEECED BUYING A NEW HOME BEFORE RATES GO UP!
Don't pull your dick out if you don't know how to fuck
All the properties sold to cash buyers have been taken off the market, reducing ultimate supply and expanding available rentals. What's left in some locations may be more like dregs the banks are still holding in search of suckers willing to pay somewhere near the mortgage amount which is well above market value. Problem is, there are few suckers not already broke and cash buyers back off as market prices rise and cash flow potential therefore falls.
Whether this means the market will revert downward remains to be seen. But any property having strong net cash flow potential likely moves to strong hands regardless of overall market conditions. If prices fall again, it seems likely cash buyers will return if the math makes sense.