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Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
The S&P Case-Shiller Home Price Index
On Tuesday, Standard and Poor's said its nationwide S&P/Case-Shiller Home Price Index fell 3.2 percent in the second quarter, compared with a year ago. For the three months ended June 30, prices dropped 0.9 percent from the first quarter.
The Case-Shiller index covering 20 top metro areas for the month of June fell 3.5 percent, and the 10-city index dropped 4.1 percent year-over-year.
"The pullback in the U.S. residential real estate market is showing no signs of slowing down," Robert J. Shiller, Chief Economist at MacroMarkets LLC said in a statement. "The year-over-year decline reported in the 2nd quarter of 2007 for the National Home Price Index is the lowest point in its reported history, which dates back to January 1987."
This index tracks price change through “paired sales.” This analysis compares gains or losses in values for existing single-family homes involved in transactions in a given period. The index is the basis for home-price contract tading in commodity markets. (Latest report is HERE)
NAR economist Lawrence Yun said the housing market is holding on despite "temporary mortgage disruptions."
"Home sales probably would be rising in the absence of the mortgage liquidity issues of the past two months," Mr. Yun said. "Some buyers with contracts have been scrambling when loan commitments did not materialize at the last moment, while other potential buyers are simply waiting for the mortgage market to stabilize."
Read the minutes of the Federal Reserve Board Open Market Committee's Aug. 7 meeting.
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NOTE: Please click on the charts below to enlarge them if [read more]
NOTE: Please click on the charts below to enlarge them i [read more]
Hedge funds have made billions this year shorting the banks, [read more]
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