Various interpretations are being put on the Case-Shiller numbers for August:
Bloomberg: Home Prices Fall More Than Forecast
CNBC: Home Prices Stabilize But Recovery On Hold
MoneyCNN: Home Prices Rise For Fifth Straight Month
Calculated Risk: Home Prices Increased Seasonally
The SA number for San Diego was -0.4% in August vs. July, and Y-O-Y it has changed -5.6%. Here is the local trend:
It’s annoying when virtually everyone from David Blitzer to the analysts throughout the mainstream media insist on saying the home prices went up or down. To be accurate, the index went up or down, which is full of weighted data!
It will be interesting to see if San Diego Case Shiller makes it down to the March 2009 lows before the next selling season starts. Other markets have gone below the march 2009 levels already but we’re still holding steady. Of course I’m not sure I’m ready for all the double bottom talk that will result.
Painful data. Looks the 2009-10 tax-credit dead-cat bounce is two-thirds unwound.
Still, rents seem to be strong as well as multifamily permits are bouncing back: (http://www.sdbj.com/news/2011/oct/25/county-construction-activity-47-percent/) Perhaps a glimmer of fundamental strengthening.