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Case Shiller Index Reveals Home Prices Still Falling
Are homeowners to brace for bad financial weather for longer?
So America has recovered from the housing bubble and things are looking better for Real Estate right?
Not so fast. Marketwatch reports that the most recent Case-Shiller home price index indicates a not-seasonally adjusted .2 percent drop for 20 major American cities for December 2009. Prices did rise, creating a little bit of a quick payday, in Los Angeles, San Diego, and Las Vegas. Adjusting for the season, the price rose .3 percent in that month. Perhaps its like the math used to depict the actual unemployment percentage in America?
It isn’t an improvement; only a decrease of decay
The pace of deterioration has stabilized for now, David Blitzer of Standard & Poors tells Marketwatch. However, the rate of improvement seen during the summer of 2009 has not been sustained. Over the past year, sources indicate the average national home prices have dropped 2.5 percent.
Home prices and personal wealth decay together
There will always be the obvious connection between a drop in personal wealth and falling home prices. This is because a home is typically the most valuable asset a person has in their financial arsenal. The burst of the housing bubble induced more people into saving when spending would bolster the economy better. Prices, going by the Case Shiller Index, are equal to where they were in summer of 2003.
Thats good, so long as we arent creating another bubble
Joshua Shapiro of MFR Inc. tells Marketwatch we should still be worried. It could be that the homeowner tax credit is propping up the positive signals on the Case-Shiller index. More foreclosures could be on the way. While much of the impact of the sub-prime disaster on prices at the bottom end of the market may well be behind us, there is likely more pain to come further up the price spectrum, Shapiro said.
Is Congress creating a new housing bubble?
Many economists are predicting a similar forecast for disaster on the horizon. The pretense at a quick payday, if it’s artificial, could be a screen for worse things ahead. Its still a good idea to be careful out there when it comes to buying, I think.
911 Truth on the Fifth Estate part 1 of 4 – Richard Gage Architects & Engineers for 9/11 Truth
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