Just out from Case-Shiller/S&P:
NEW YORK, JUNE 27, 2017 – S&P Dow Jones Indices today released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released today for April 2017 shows that home prices continued their rise across the country over the last 12 months. More than 27 years of history for these data series is available, and can be accessed in full by going to www.homeprice.spdji.com. Additional content on the housing market can also be found on S&P Dow Jones Indices’ housing blog: www.housingviews.com.
YEAR-OVER-YEAR The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 5.5% annual gain in April, down from 5.6% last month. The 10-City Composite annual increase came in at 4.9%, down from 5.2% the previous month. The 20-City Composite posted a 5.7% year-over-year gain, down from 5.9% in March.
Seattle, Portland, and Dallas reported the highest year-over-year gains among the 20 cities. In April, Seattle led the way with a 12.9% year-over-year price increase, followed by Portland with 9.3%, and Dallas with an 8.4% increase. Seven cities reported greater price increases in the year ending April 2017 versus the year ending March 2017. (Continues Below…)
“As home prices continue rising faster than inflation, two questions are being asked: why? And, could this be a bubble?” says David M. Blitzer Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “Since demand is exceeding supply and financing is available, there is nothing right now to keep prices from going up. The increase in real, or inflation-adjusted, home prices in the last three years shows that demand is rising. At the same time, the supply of homes for sale has barely kept pace with demand and the inventory of new or existing homes for sale shrunk down to only a four- month supply. Adding to price pressures, mortgage rates remain close to 4% and affordability is not a significant issue.
We note this chart:
From an Elliott perspective the 20 City has not made a new high yet. And remember this is a sales price, not sales net so it’s ex commissions and it’s not discounted for 8 or 9-years of inflation, either…
Still, as honest a view of housing as we’ve seen.
Dow and S&P flat, NASDAQ is still in sky falling mode.
And Bitcoins are down into the $2,370 range as we come to what should be the end of the Great Hesitation before a blow off to the $3,150 range, but this is back of the envelope, not bankable.
That’s OK…this is Tuesday and thus lawn tractor day around here, so having
New Consumer Confidence numbers will be out in an hour and a half, and from there, we can look forward to international trade data tomorrow, and then GDP on Thursday.
Alphabet, parent of Google will be interesting to watch as EU hits Google with record 2.42 billion euro antitrust fine.
Meanwhile, the Bank of England takes action over bad loans.
And all the hoopla about how increasing minimum wages are good for the country are running into a reality check on the left coast as Seattle’s minimum wage hike hurting low-level workers, study says.
Who said economics isn’t interesting?
Diogenes of the Headlines
Looking for an honest headline, that’s us, alright.
Surprisingly, after the resignation of three “journos” over an anti-Trump story that lacked credible sourcing, we were pleasantly shocked to see CNN run with The Supreme Court finally handed Trump a travel ban victory.
Still, notice the word finally? Huh? It was a given to anyone who can read law.
NJ.com gets it right with “Trump scores victory on travel ban, Supreme Court agrees to hear case.” No finally crap made up for a political agenda/face saving.
Most of the late to the party media are still running with “Supreme Court will Hear Travel Ban in October” which misses the point that unanimously nine judges went with the administration when faced with the Obama-stacked 9th Circus (sic) decision which was on rulings made by Obama-appointed activist judges more interested in personal opinion and ruling from the bench rather than deciding cases based on the letter of the law.
A familiar tune here, for sure, but as always, we don’t mind sacrificing a few readers who are more married to their opinions that a factually-based assessment of the future.
They could have stuck around and learned something, but their loss, not ours.
Don’t Tell “Jon” (But again we were right all along…)
Jon is our favorite liberal critic who lurks in the comment section of Urban…
Project Veritas’ American Pravda piece which quotes a reported CNN supervising producer as saying of the Trump- Russia nonsense “Could be bullshit, I mean it’s mostly bullshit right now. Like we don’t have any big giant proof.”
Once again, we score another victory for logical, methodical reporting of facts, an understanding of law and process. It appalls me to see how the major media of the Northeast have spun this Russia crap into a tempest while missing the REAL STORY. No, it wasn’t that apparently democrat-paid-ginned up golden showers BS.
And that kind of distraction, kiddies, is what happens with the vested interests of massive real estate fortunes (Trump, pension funds, insurance companies et al) collide with the barbarians of the Malls – Jeff Bezos who is about to robotized Whole Foods and who smacks the gate of the Trumperian White House about daily with his Washington Post…
So yeah, there’s your battleground, K-Street Denizens – not to mention the Obama government-in-exile which might see Loretta (how’s the grandkid’s?) Lynch headed for the exercise yard in orange…
Yes, we think a lesson in Trump-bashing is there for the clear-sighted.
Further example? Sure. Remember how Megyn Kelly asked those pointed questions of Trump in the debate and now?
Time to fart again?
No, seriously: Old Chinese saying: Be nice to people on the way up because you will be seeing them again on the way down.
Oh boy. Trump’s Serve: Syria could be preparing another chemical attack, White House says.
And returned with U.S. Arms for Syrian Kurds Will Continue After Raqqa, James Mattis Says.
A Raqqa ball, did he say?
Ah…Volleyball was sooo much more enjoyable when watching Pamela Anderson and the Bay Watch gang playing. Tillerson, Mattis, Assad, and Putin… it just ain’t the same, know what I mean? (Ah but politically correct, I will give you that.)
Another fine example of how little progress there has been in the world.
Did I mention Pam Anderson turns 50 this Saturday? Her I thought she was 39, or so…
Our politically-correct critics will spend most of today trying to figure out if that was a play on the old Jack Benny line or a statistical fact. Try both and keep up with the class.
We’ll save further for Urban After Hours.
What Price Royalty?
I refer to England as the country of the Kneelers. People who could have a fully functioning democracy except for their bowing and scraping to the British monarchy.
But once they get through with BREXIT – if their powers-in-Charge (PICs) ever allow it – would be a swap out of the British throne for something cheaper.
An assessment based on the report Queen to receive £6m pay increase from public funds.
Time did an interesting piece a couple of years ago on where the royal dough comes from. Big money – and sadly, the average American throne room…oh forget it.
But if you hear of an opening in Royalty somewhere Elaine and I could rake off half a billion as people bow and scrape, let us know where to send the résumés.
Rising Stars of Rising Dragons
Don’t worry, we still have seven years to run until that war and we have a Depression first, so…uh…cheer up!