The latest Case-Shiller Index is out. An interesting quote or two from cnbc.com:
“The economic news in the last few months, probably going back to December, has shown a lot of improvement. The housing news has been a bit more mixed,” David Blizter, S&P index chairman, told CNBC. “The overall housing market is a little behind the general economy.”
The flat reading broke a five-month string of declines as the market has been pressured by a low demand, distressed sales and an overhang of pending foreclosures.
“This gives you a little more confidence that the housing market is bottoming because perhaps the most troubling aspect of the recent housing data has been the sagging of the Case-Shiller price index effectively since July 2011,” said Cary Leahey, managing director and senior economist at Decision Economics in New York.
“The fact that the so-called double dip in home prices is ending gives you a little more confidence that the market could improve over the next year and a half.”
San Diego’s seasonally-adjusted numbers:
May 09: 145.55
Jan 11: 158.91
Dec 11: 150.92
Jan 12: 150.51
My guess in 2009 of December’s number being the bottom didn’t turn out!