Hot off the press release:
NEW YORK, July 26, 2016 – 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 May 2016 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.
Effective today, the S&P/Case-Shiller Home Price Indices have been renamed to the S&P CoreLogic CaseShiller Indices.
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 5.0% annual gain in May, the same as the prior month. The 10-City Composite posted a 4.4% annual increase, down from 4.7% the previous month. The 20-City Composite reported a year-over-year gain of 5.2%, down from 5.4% in April.
Portland, Seattle, and Denver reported the highest year-over-year gains among the 20 cities over each of the last four months. In May, Portland led the way with a 12.5% year-over-year price increase, followed by Seattle at 10.7%, and Denver with a 9.5% increase.
Eight cities reported greater price increases in the year ending May 2016 versus the year ending April 2016.
MONTH-OVER-MONTH Before seasonal adjustment, the National Index posted a month-over-month gain of 1.2% in May. The 10-City Composite recorded a 0.8% month-over-month increase, while the 20-City Composite posted a 0.9% increase in May. After seasonal adjustment, the National Index recorded a 0.2% month-over-month increase, the 10-City Composite posted a 0.2% decrease, and the 20-City Composite reported a 0.1% month-over-month decrease.
After seasonal adjustment, 12 cities saw prices rise, two cities were unchanged, and six cities experienced negative monthly prices changes.
ANALYSIS “Home prices continue to appreciate across the country,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “Overall, housing is doing quite well. In addition to strong prices, sales of existing homes reached the highest monthly level since 2007 as construction of new homes showed continuing gains.
The SCE Housing Expectations Survey published by the New York Federal Reserve Bank shows that consumers expect home prices to continue rising, though at a somewhat slower pace.”
This dovetails with our work predicting a decline to begin in 2017, not this year. And a chart? Sure…
This all means prices based on the 20-city data are back up to 2005 levels. Doesn’t count the buy-sell spread, commissions, costs, etc. however. YMMV.
Acting Like a Bunch of Democrats
Oddly coincidental that my Coping section this morning deals with rattlesnakes.
Why the venom flow around Philly is a spectacle to behold…
It comes complete with things like plans to bust the Second Amendment. Hardly surprising, however, since Hillary has Secret Service with guns protecting her. Laws are for the little people, though, right padnah?
Meantime, I expect the insanity was underscored with this week’s Japan knife attack. Registration of knives to come?. A far-out notion, once upon a time, the mass murder of 19 disabled people in Japan,. and the wounding of 45 more, makes makes a strong case that knives should be registered along with democrats.
Wonder if Ginzu will do as well in the market as Smith and Wesson has done?
After all the predictions about how ugly the GOP convention would be, it’s nice to see equal time being applied at least in part as the demo melt-down is just warming up.
Math Impaired Kaine?
Himlery (that’s a typo, right?) Clinton’s VP is promising to make illegal legal within first 100-days in office.
Which, near as I can figure it would be illegal, but that would fit the Clinton/Obama mold pretty well. Stack the High Court and no problem. Laws are for little….ask Bernie what’s in it for him while you’re at it. Clinton “Foundation” gig, maybe?
With Bernie all –in for Hil, we notice that Sanders and Sell-out both begin with S. Or B as in Bernie or Bolsheviks. Both have trust issues…
More seriously? One of three things is likely going on: a) the demos are promoting the hell out of illegals voting. b) there are no citizens planning to vote this year which would make things easy. Or c) the voting is rigged.
All of the above, you say? Show of hands? Floor vote?
Aye’s have it.
On to Markets
To my (still recovering) eye, it looks like we are into the III up of the larger V that began in 2009. If this is the case – and this is not trading advice – we should trade sideways to down a bit to 2,160 down to 2,155 in the next week or two before resuming upward momentum.
Yes, we have a small short position, mainly to pick up some tip money.
The Fed Meeting is underway today, but no increase in rates is expected during the convention. We will be back with an update after 8 AM when the Case-Shiller S&P Housing data comes out. A fine bit of litmus, there.
Futures are on hold – flat. Which is fine because it makes for a perfect-looking wave structure.
I may need to get on the blower to our Indonesian Bureau (Bernard Grover’s our Bureau Chief there) and have him pop over to this disgusting restaurant that serves from toilet bowls…
It really goes to show how American marketing has lost its edge and why many of NY’s top experts (or at least one) have gone ex-pat. We are losing the Gross War and Asian ingenuity seems to be on a roll (and a puke).
There is still room for a knock-off, however. And I didn’t see toilet paper in lieu of paper towels…
(We regurgitate only the best news around here, at least until noon.)
Check Your Social Security Account
Stupider than the DNC?
I looked and sure enough it can be found.
Thus concludes our nod to least common denominator “news” efforts.
We now return to more adult modes of thinking…
Remember, Everything’s a Business Model – even pseudo news – and it’s a fine business model indeed. Who would have believed even 50-years ago during the Hard Work Era that we would find ways to monetize useless personality drivel?
Yet here we are…It’s amazing and awe-inspiring. As in :”Aw shit, are we really that dumb?”
Yes; ‘fraid so.