Pent up demand

Latest Case-Schiller Report Shows the Sky is Falling

One of the criticisms of Case-Schiller is that it only follows the 30 major markets. So Arcadia, CA is lumped in with LA if it is included at all.

That recent number about an increase just shows the uselessness of the NAR's median number. The median jumps around based on the mix of homes sold in a given period. So if only the high-end is moving, then woo hoo, we're all rich.

Latest Case-Schiller Report Shows the Sky is Falling

Schiller is the only one to properly account for sales mix. The numbers that the realtors like to kick around are no better than noise because they reflect the median of an ever-changing basket. The "don't worry be happy" bulls also like to play stupid games with month over month numbers in a cyclical business. Look at the year-over-year numbers. It's not a pretty picture. We're going to see former realtors selling apples in the street if this keeps up.