Case Shiller reports home prices dropping everywhere...except Washington DC of course

This could put at risk the economic recovery as banks have to revalue their balance sheet again. The cycles of boom and bust in the housing sector are much longer term than in the stock market which suffers fro m none of the liquidity issues of real estate.

This comes on top of other surveys which point to the same conclusion, housing prices have not finished their descent and are trying to drag the rest of the economy with it. 

Case-Shiller's index dropped for the third month in a row steeply. It was down 0.7% (8.4% annualized) in September for the composite 10 index. Weakness is no longer concentrated in the West or Florida with declines sweeping across multiple regions.

Source Bloomberg
And as housing tends to mimic the economic trends across our economy, we see people actually moving to DC as government jobs, and jobs servicing governement contracts are proliferating.  Washington DC was the only city that posted house price gains. 

AZ-Phoenix -1.55%

CA-Los Angeles -0.43%
CA-San Diego -1.03%
CA-San Francisco -0.79%
CO-Denver -0.30%
DC-Washington 0.05%
FL-Miami -1.19%
FL-Tampa -1.29%
GA-Atlanta -0.73%
IL-Chicago -1.22%
MA-Boston -0.97%
MI-Detroit -1.61%
MN-Minneapolis -2.21%
NC-Charlotte -0.49%
NV-Las Vegas -0.21%
NY-New York -0.42%
OH-Cleveland -2.00%
OR-Portland -1.72%
TX-Dallas -1.07%
WA-Seattle -0.49%
Composite-10 -0.67%
Composite-20 -0.80%


Popular posts from this blog

October retail sales come in strong, especially auto sales

Tea Party Buffalo Pictures

How to spot a fake Tea Partier