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Case-Shiller US Home Price Index Drops Most In A Year
While the 20-City index rose 4.9% YoY (but missed expectations by the most since July 2014), Case-Shiller's US Home Price Index dropped 0.02% in April - the first MoM drop since May 2014. Of course, all real estate is local and we note Denver and San Francisco reported the highest year-over-year gains with price increases of 10.3% and 10.0%, respectively, over the last 12 months. As S&P's David Blitzer warns, "home prices continue to rise across the country, but the pace is not accelerating."
The US Home Price Index dropped MoM for the first time since May 2014.
and The Case-Shiller 20-City Index missed expectations by the most since July 2014...
This is the weakest price appreciation since the middle of the weather worries in January.
And as Bloomberg's Michael McDonough shows, the number of cities with falling prices is on the rise...
More charts:
NSA M/M
NSA Y/Y
SA M/M
SA Y/Y
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Must be the Chinese have stopped buying.
All people need to do is sit back and front run the central banks. They'll buy everything. Sarc off. Until it all collapses.
This is why they want to ban cash and push rates negative, they want to restoke these failing bubbles, and it will work for a while, but in the end it will only cause the crash to be bigger and from a higher level.
It's all the electric cars, silly!
Must be da warm wedder.
Cue Lawrence Yun to spin this straw into gold in 3, 2, 1 .....
Case Shiller stat is very misleading in this low volume environment. Here in SoCal inventory took a huge spike up with asking and sale price reductions across the low end. But with volume so miniscule and skewed towards the top end the median is rising. Exclude everything above half a million and the median is down YOY in a lot of areas.
What's left of the RE "market" is anything but. The rising mortgage rates of the next year or so should have the gains of Housing Bubble 2.0 disappearing by 2018 at the latest. NINJA loans won't help because there aren't enough fools to take them on. Turns out the proles have longer memories than TPTB give them credit for.
The sooner they bring back the ninja loans the sooner we can get this problem fixed. I't's not brain surgery, the supreme court says we don't need to verify we are citizens to vote, why should we have to verify we can pay back the loan to buy a house? We have rights, dontchyaknow?
"Escape Velocity"................................not working
Sacre Bleu
Warm the pressess or lower the rate?
Oh.................wait
Owning a house is a basic human right. People who own houses are also afforded a sense of dignity that is denied others and that's just not fair.
Thats a true statement except you left out the qualifying requirements. When I was young, you saved for a down payment and then bought a small fixer-upper. Over time you traded up as your earnings went up and the market became favorable.
Now many young people expect that McMansion right away - that is not a basic human right!
Seriously? You believe it's a right to own a home? I want a car and a boat. I believe it''s a basic human right and I believe you should pay for it.
It is not impossible to own a modest home - if you focus your efforts on buying a house that you can afford. It may not be in your preferred area, or the size you want, or in perfect condition - but in the long run, ownership does encourage responsibility. If a trailer is what you can afford, then start there - being a rent slave is not the answer.
Right, and getting a mortgage encourages responsibility somehow magically. You'll just magically fucking become responsible because you went into debt and have to eat ramen noodles every night to afford your roof over your head. Rent slave? I mean what the fuck are you talking about?
Ever heard of property taxes? When you take out a mortgage on a house not only are you renting from the bank, you're also renting from the government, forever.
This bullshit "buy a house" american dream is a fabrication. Do what makes monetary sense, do what is most beneficial to yourself. "Owning" a home is a bullshit fairy tale that's been invented by people who really do want you to be their slave.
The USSA raised millions of people on free stuff so as they grow up they continue to expect special privleges, free food, as many loans as they want, moar free stuff, and so on. It's no surprise that this same group gets violent when denied anything unless it continues to be free.
It's all written in the 85 Articles of the Federation of the FSA. Look at Sections 48 (a) and (b)under headings ... "I deserve that!" and "It's only fair!"
Sure, without a commitment to property or anthing else of concrete value, you fall into the entitlement trap. If it means moving for work or a better environment, do it.
Idiot. We tried the "PROJECTS" for housing. That worked well - not. If you kill all of the American Dream, you are left with no hope for the future - violence, corruption, slums.
We have to get back to a work ethic and if that takes pride in ownership but limited debt and some property taxes - so be it. If you live in an area of insane property taxes, thats your fault.
In California everyone has the right to have a tent
http://www.activistpost.com/2015/06/no-housing-bubble-man-rents-out-tent...
I'm going to file this under "when sarcasm goes horribly wrong".
See my later reply to BeaverCream
The only right you have is to remain silent.
The only right you have is to remain silent.
Until they take you to a Chicago style black site or the basement like in Chicago P.D
Food should be a right too. free food - not just food stamps. And clothing - clothing should be a right. Free clothes for all! What else do we want for free? Just make it a right & free it shall be.
Everymarket is different....Vegas is booming
www.ViewLasVegasRealEstate.com
wait until the water runs out, then we will see the old ghost towns of the west re emerge
I sold my condo in Denver last month..mia culpa....took 6 years...so now the prices should skyrocket as we have water..and I have nothing for sale...lol
Denver is in the middle of the insane bubble. You may have hit close to peak. You cannot know till later.
The 'rich' took their savings out of the bank and bought rental homes to get income. What happens when that market dries up? There are a lot more entry level buyers with no hope of ever buying - especially if the Fed follows through and raises rates. The traditional home buying 'ladder' is busted.
I know it is near the top - one of my town's slum lords just sold a portfolio of 200 houses to a big city company.
Market went from red hot in first half of May to near dead. Across all price points here in FL we have seen a dramatic slowdown....unfortunately I have a house on the market....
My cousin is trying to sell his home in west Houston, nice area, but with the massive layoffs in the oil industry, and huge property tax increases he has seen almost no action. Lots of nice places on the market there only 1-2 year sold. Very very people looking at houses > $300k
I better check my market area. I have no debts or mortgage but with everything rosy, maybe a reverse mortgage is in order. The Fonze says so. sarc
The culture for non-repayment of loans is becoming commonplace - so why should I not load up on free stuff as well? How soon will this country become Greece?
Good.
Don't fight the bubble. Play the bubble and prepare for post-bubble.
Strange, Zillow just sent me the zestimate forecast on my Fort Myers home. Who the fuck cares, we own the home and bought the $750k home for $260k
Always buy in cash. Trulia always sends me emails about new Marco Island homes over priced. Sure, they need a little TLC. But they are not worth the retail price advertised. We made a killing down there. Thanks Alan Greenspan
Crash and burn this bullshit eCONomy!