No Sign Yet of a Housing Bottom

David Blitzer, managing director and chairman of the Index Committee at Standard and Poor’s, discusses the latest S&P/Case Shiller home-price index, which showed price declines continued to worsen in May:

 

Source:
Home Prices In May Took A Steep Fall
ANTON TROIANOVSKI
WSJ, July 30, 2008
http://online.wsj.com/article/SB121733609900093091.html

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What's been said:

Discussions found on the web:
  1. Owner Earnings commented on Jul 30

    BR, I don’t understand why you think someone like that is someone we should listen to?

  2. Boom2Bust.com commented on Jul 30

    Yet, Wall Street rallied yesterday because while the housing data was bad, it wasn’t
    “that bad.” Ah, Pollyannas ’til the end.

  3. Jess Rabinowitz commented on Jul 30

    The housing market continues to fall off a cliff. The facts are, Year Over Year (YOY) declines are accelerating as credit gets choked off. Case Schiller results for June will be even worse. Here on the Westside of Los Angeles, affluent neighborhoods have begun to show steep declines during June. Neighborhoods that have fallen YOY up to 40% include:

    1) Brentwood
    2) Beverly Hills
    3) Santa Monica
    4) Venice
    5) Pacific Palisades
    6) Malibu

    Alt-A Loans are the next shoe to drop, and it will affect prices dramatically.

  4. Ben commented on Jul 30

    In response to Owner Earnings – why not listen to him? I’ve heard him speak before. This guy is in the index group; he is in charge of all the indexes like S&P 500 etc etc.

    He is completely separate to the currently newsworthy structured group, so I appreciate any news from him or Schiller on the real estate market. It’s encouraging me to hold off for another year or so before looking to make a real estate purchase.

  5. Bryan Ellis commented on Jul 30

    What? No love for the real estate market even though 7 of the 20 cities showed improvements, and vast numbers of cities ignored by Case Shiller are actually appreciating?

    The media is doing a great job of nationalizing what has become an increasingly localized problem.

    Bryan Ellis
    http://www.FreeRealEstateTraining.com

  6. kerry commented on Jul 30

    Bryan, I may be one of the few here who agree with you. It is a HUGE problem for some big regions, though, and CA and FL could have problems for a long time.

    Somebody should send some kind of biz to Cleveland and Detroit; that would improve the CS stats in two areas that are crashing bc of horrible economics. I’m in Cleveland today, and people are saying that things are improving here a bit bc of higher oil. fwiw

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