July Case Shiller Beat And Missed At Same Time Just As Market Was About To Plunge
The Case Shiller for July, that's right July (does anyone remember that? that's was before the US was about to go bankrupt due to that whole flap in Congress over the debt ceiling, nevermind the second European bankruptcy), is out and it was both better and worse than expected: the Y/Y print beat at -4.1% on expectations of -4.4%, up from a revised -4.4%, yet missing on a sequential basis, which was expected to come at 0.1%, instead printing at 0.05%, unchanged from the June's upward revised M/M 0.04%. In other words, this is not only traditionally late data, it also confirms that the double dip continued into the months that saw the market tumble by nearly 15%. Look for substantial drops in the August and September Case Shiller data.
Crawling along the bottom: