The non-seasonally-adjusted SD index moving at a less-torrid pace:
Month | ||
March ’13 | ||
April ’13 | ||
May ’13 | ||
June ’13 | ||
July ’13 |
“Home prices gains are holding their 12% annual rate of gain established by the two Composite indices in April,” says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “The Southwest continues to lead the housing recovery. Las Vegas home prices are up 27.5% year-over-year; in California, San Francisco, Los Angeles and San Diego are up 24.8%, 20.8% and 20.4% respectively. However, all remain far below their peak levels.
this party has a lot of room to the upside.
more bubble nonsense:
http://video.cnbc.com/gallery/?play=1&video=3000201681
I agree with Shiller that some cities are starting to show signs of another bubble.
You always hear the qualifier though that they are still under peak pricing, as if that gives some assurance that everything is fine.
Why do they insist on using ‘bubble’ to describe it?
Let’s call it what it is – prices/values go up and down in a free enterprise system. (can we still call it that?)
Mortgage rates were lower yet again, making for an astonishing 10th consecutive day without rates moving higher. In the 13 days of rate sheets since the September 6th jobs report, rates have only risen once. After only being able to claim 6-week lows yesterday, today’s rate sheets are the best in at least 2 months (very close to 3 months). Conforming, 30yr Fixed rates are now down to 4.375% for most efficient combination of closing costs and rate (best-execution) though several lenders have attractive buydowns to 4.25%.
http://www.mortgagenewsdaily.com/consumer_rates/325422.aspx
Zillow predicting a 12.4% increase in Case-Shiller for August:
http://www.calculatedriskblog.com/2013/09/zillow-case-shiller-house-price-index.html