If yesterday's collapse in September existing home sales was indicative that Housing is tumbling and it means the Fed will not taper until mid 2014 sending the S&P to a new record high, today's August Case Shiller, which beat expectations of a M/M increase of 0.65% with a 0.93% print, and an increase of 12.82% Y/Y, probably means that the economy is very strong and will send the S&P to an even newer recorder high, since both bad and good news send only one signal to algos: buy. What is amusing is that while the NAR's September fiasco was attributed to "concerns" over a government shutdown, the two month delayed Case Shiller print, which was for August, will be spun as no fears of a government shutdown in August, or something.
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Listing the Top 5 cities in order of Y/Y price increase: Vegas +29.22%; San Francisco +25.4%; Los Angeles + 21.66; San Diego +21.5%; and....
Detroit +16.4%
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That's right: America's biggest bankrupt city is among the Top 5 highest appreciating housing markets.