Skip to comments.Case-Shiller House Prices Rises Slightly (Driven By LA and Vegas), SeaQuestRation Looms
Posted on 02/26/2013 8:50:05 AM PST by whitedog57
The housing news out this morning was all good, by historic standards.
The S&P Case-Shiller house price index was released today and showed an increase of 0.88% (although you can barley see it on the chart).
The slight rise was driven by Los Angeles an Las Vegas.
New home sales in January surprised to the upside by 15.6%, but it remains low by historic standards.
However, houses for sales remained the same.
The median price for new home sales fell -9.37%.
Consumer confidence rose to 69.60, despite the media rhetoric about the savage and draconian sequestration cuts. That I can barely notice on the chart.
Perhaps we should change the name to SeaQuestRation to make it sound less ominous.
3/4 of higher-priced area purchases are Chinese immigrants (many for all cash). Many of the lower priced purchases are mass sales to investment firms (some foreign based, some foreign capital, some both). Meanwhile, the huge overhang of millions of defaulted loans remains to clear the market.