April S&P Case-Shiller Home Price Index: +1.7% M/M vs. +1.2% expected, +1.1% prior. On a Y/Y...

April S&P Case-Shiller Home Price Index: +1.7% M/M vs. +1.2% expected, +1.1% prior. On a Y/Y basis, prices rose 12.1%, the fastest pace since 2006. The unadjusted monthly gains in the 10 and 20-city composites (+2.6% and +2.5%) were the largest in the history of the survey. Not worried about the bump in mortgage rates, S&P's David Blitzer expects the gains to continue. Among individual cities, San Francisco home prices were up 23.9% Y/Y. Nothing to see here, move along.
Comments (7)
  • Tom Guttenberger
    , contributor
    Comments (714) | Send Message
    Too bad his own predictions didn't jive with this. I would expect home price gains to slow based on the rise in rates, which I also expect to be gradual.
    25 Jun 2013, 09:51 AM Reply Like
  • june1234
    , contributor
    Comments (3840) | Send Message
    Same Shiller from Case-Shiller I saw on CNBC in March telling viewers he did not know why there was a housing inventory problem in the US. Maybe this report on Zillows will help. 44% of mtgs in US being zombified http://bit.ly/18dCFAV thus unable to list their homes, number jumps to 60% if you add people who cant qualify for income or credit reasons
    25 Jun 2013, 10:03 AM Reply Like
  • Kyle Spencer
    , contributor
    Comments (1208) | Send Message
    June raises an interesting point that brings another thought to mind: At what point are the formulas for calculating those credit scores going to be reset to reflect/offset the Great Recession? "Fairness" issues aside, it's questionable as to whether the excess inventory will actually clear in less than a generation without a reset of some sort.
    25 Jun 2013, 06:06 PM Reply Like
  • Common Guy
    , contributor
    Comments (79) | Send Message
    Home prices going up while rates are going up, what a hit to affordability.
    25 Jun 2013, 10:28 AM Reply Like
  • davidshelton
    , contributor
    Comments (343) | Send Message
    As this is April's number it definitely has quite a bit of lag to the current situation. Let's see what happens in 2 months....
    25 Jun 2013, 01:41 PM Reply Like
  • 7of9
    , contributor
    Comments (459) | Send Message
    This is a lagging indicator from 3.5% mortgage rates.
    25 Jun 2013, 07:17 PM Reply Like
  • Ray Lopez
    , contributor
    Comments (1809) | Send Message
    Lies, damn lies, and statistics. Boomers downsizing from McMansions does not make for a housing recovery. This recovery is akin to switching a dead battery on and off and getting a temporary surge of electricity, and thinking the battery is back to normal.
    26 Jun 2013, 01:00 AM Reply Like
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