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Is there any question about home prices?
Tuesday, September 25, 2007
It's hard to imagine, but probably true, that some might point to today's National Association of Realtors' report on existing home sales and say that home prices are still rising. The latest update(.pdf) of the S&P Case-Shiller Home Price Index begs to differ.
It's probably a good thing that the two reports were released on the same day so that little attention is paid to the clearly misleading median home price increase of 0.2 percent from year ago levels in the data from the realtors' trade group.
Is there any question about which direction home prices are heading?
Do those who still take comfort in the reported median price increases have any idea that the only reason for a higher "median" price (the point above and below which all samples fall) is that, to some extent, only rich people are buying houses these days and rich people buy expensive houses?
3 comments:
http://www.bloomberg.com/apps/news?pid=20601103&sid=a2nPQ7ObH8Vs&refer=us
Lennar cuts 35 percent of their workforce. wow.
This too - Shiller on Bloomberg:
http://www.bloomberg.com/avp/avp.htm?clipSRC=mms://media2.bloomberg.com/cache/vfCtSG8BxRHo.asf
It has become painfully clear that we, the general public, must take any stats presented to us by the Bush Adminstration or the likes of the NAoR with a grain (or two, or three) of salt.
I mean, 2% CPI, negative PPI, 4.6% unemployment, 4% GDP growth, rising house prices, and an end to the housing doldrums around the corner?!?!?! Who do these people think they are kidding?
Somebody, it seems. The Dow is heading back to 14K!!!
There has not been such insanity since the Sucker's Rally of 1930.
-Vespucian
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