The Recovery is Upon Us – Case Shiller Home Prices Beat Expectations, Up Across the Board, Housing has Bottomed


Home Prices Rose in the Second Quarter of 2012 According to the S&P/Case-Shiller Home Price Indices

From the report:

“Home prices gained in the second quarter,” says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “In this month’s report all three composites and all 20 cities improved both in June and through the entire second quarter of 2012. All 20 cities and both monthly Composites rose for the second consecutive month. It would have been a third consecutive month had we not seen home prices fall in Detroit back in April.

“The National Composite rose by 6.9% in the second quarter alone, and is up 1.2% from the same quarter of 2011. The 10- and 20-City Composites closely mimic these results; the 10-City was up 5.8% over the quarter and the 20-City was up 6.0%. The two Composites also entered positive territory on an annual basis, up 0.1% and 0.5%, respectively.

“Only two cities – Charlotte and Dallas – saw annual rates of change worsen in June. The other 18 cities and both composites saw improvement in this statistic, and 13 of these had a positive trend. There were only six cities – Atlanta, Chicago, Las Vegas, Los Angeles, New York and San Diego – where the annual rates of change were still negative. Boston’s annual rate was flat. We seem to be witnessing exactly what we needed for a sustained recovery; monthly increases coupled with improving annual rates of change. The market may have finally turned around.

“The regions showed positive results for June. All 20 of the cities saw average home prices rise in June over May and all were by at least 1.0%. Detroit was up the most, +6.0%, and Charlotte the least, +1.0%. The Composites showed the same increases as last month – the 10-City rose by 2.2% in June and the 20-City by 2.3%. We are aware that we are in the middle of a seasonal buying period, but the combined positive news coming from both monthly and annual rates of change in home prices bode well for the housing market.”

This is such BS…

The only reason for this “recovery” is because of the robo-signing scandal that broke the machine (temporally) for a year and a half.

We ain’t seen nothin yet…

Full report below…



Case Shiller Report

5 Responses to “The Recovery is Upon Us – Case Shiller Home Prices Beat Expectations, Up Across the Board, Housing has Bottomed”
  1. Concerned says:

    It really smells of a heavy amount of manipulating data just in time to help Obama stay in office.

  2. Frank says:

    Banks are profitable, the rich are getting richer, and they are buying up houses. Wow great news.

  3. 1ofthemany says:

    BS/propaganda/same ole same ole, we do not believe this as many do not and will not. The “Proof is not in the Pudding ” NEXT round of BS please!

  4. Sarah says:

    Case-Shiller. They had credibility at some point prior to the housing bubble. Come to think of it, so did a few other industry groups.

  5. talktotennessee says:

    How many times have we found the so called “bottom” just to be jerked up short. Banks are now in a massive mode to “short sell” their problems. They are doing this by the thousands, liquidating houses 30-40-50% of original value while still titled to homeowners. I am beginning to see second round REO foreclosures where appraised value is either stable or slightly above original REO sale price. This indicates stability but behind it is a new wave of foreclosures just entering the market. Combined with short sales, they may dip just as the market pulls back in the fall. It is a balancing act. Banks can hold these on their books only so long before dumping into the marketplace. The economy and job picture slips and timing may not work in their favor. The “new:bottom” may not be sustained. Not talked about much yet but there are new programs being implemented that basically do the same as before, allow buyers to buy nothing down, marginal credit, low interest, etc. Another sip of Kool-aid as banks perfect their new method of shuffling houses in and out of the market, making money on investors and buyers? DOJ, AG, Congress, who cares?

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