7/30/2012

So you think that the housing market is recovering?

The Case-Shiller Index makes it hard to argue that the housing market has recovered. Apparently the results tomorrow are expected to show an additional, if small, further drop in prices. Data is available here.

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posted by John Lott at 10:54 PM

2 Comments:

Blogger drjim said...

Yep. We're well into "A Lost Decade" like Japan had.
If you're interested, "Dr. Housing Bubble" has an excellent history of this whole sub-prime/alt-a/no-doc loan fiasco.

7/31/2012 12:05 AM  
Blogger Don said...

John, I think the Case Schiller data is indicating the bottom. Let me use an anecdotal piece of information.

In San Diego (one of the Case Schiller cities measured), our appraisers are always a nemesis for us, slow to react to downturns, and even slower to react to upturns. But now, appraisers in San Diego are putting through values for homes that are above the last home sold on the block. This should be happening, by the way, since our local inventory is way down, and prices should increase just based on that criteria alone.

As for the future, I predicted a 10-year turnaround time for housing prices in our area. I think I'm going to be right. So it looks like we've reached the bottom (here), but the ship is going to turn very slowly, slower than what the pollyannas want.

7/31/2012 1:43 PM  

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