Yesterday’s S&P Case Shiller housing report tracked the continuing decline in housing prices:
… all three headline composites ended the first quarter of 2012 at new post-crisis lows. The national composite fell by 2.0% in the first quarter of 2012 and was down 1.9% versus the first quarter of 2011. The 10- and 20-City Composites [...]
This is a pretty cool infographic about the housing market. A graphic design company makes these for clients, which is this case in the Bank of the Internet. It’s actually pretty good in describing the sad state of housing.
For the full graphic …
CoreLogic reported that its measure of shadow housing inventory, the number of 90+ day delinquencies, foreclosures and REOs, was down, but only very slightly:
The shadow inventory of residential properties as of July 2011 fell to 1.6 million units, or 5– months’ worth of supply, down from 1.9 million units, or a 6-months’ supply, as [...]
The S&P Case-Shiller Home Price Index for July came out today. Here were the two headlines from the mainstream media:
Case Shiller Home Prices Fell 4.1% in Year Ended July (Bloomberg)
U.S. Home Prices Post Seasonal Rise (WSJ)
So which was it? Did home prices rise or fall? Technically they are both [...]
On Tuesday the House, dominated by Republicans, voted an end to the current program, known as HAMP (Home Affordable Modification Program). Today the NY Times laments the fact that the government’s attempts to solve the housing crisis have failed miserably. It isn’t through want of trying. Here are some of the programs listed under the government’s MakingHomeAffordable.com site [...]
I am sure you could have guessed where housing is headed without the Case Shiller report from S&P. According to S&P:
Home Price Indices, the leading measure of U.S. home prices, show further deceleration in the annual growth rates in 13 of the 20 MSAs and the 10- and 20-City Composites compared to the December 2010 [...]
Commercial real estate loans and residential housing will continue to be a significant drag on economic performance. Until the mass of over-built homes and commercial properties are liquidated credit will remain tight and unemployment will remain high.
The unfortunate fact remains that credit for most of America is still tight, banks are still trying to [...]
The Case-Shiller report today wasn’t news because we all know that housing prices are continuing to decline on a national basis. But, it reinforces what we are seeing.
Home prices fell to new lows in 11 cities in December, the latest sign that the weak housing sector remains a soft spot in the U.S. economy.