Home prices fall again
With slowing summer/fall transactions has come a notable decline of prices, with the national index declining 1.8 percent since October and falling 7.11 percent below the level seen in November 2010.
This chart shows the Radar Logic 25 MSA Composite data reported on residential real estate transactions over the past decade. These indices are an effective predictor of home prices, which have fallen over the past month.
SoldAtTheTop
As I demonstrated in prior posts, given their strong correlation, the home price indices provided daily by Radar Logic, averaged monthly, can effectively be used as a preview of the monthly S&P/Case-Shiller home price indices.
Skip to next paragraphWriter, The PaperEconomy Blog
'SoldAtTheTop' is not a pessimist by nature but a true skeptic and realist who prefers solid and sustained evidence of fundamental economic recovery to 'Goldilocks,' 'Green Shoots,' 'Mustard Seeds,' and wholesale speculation.
Recent posts
-
05.25.12
Home prices increase -
05.24.12
Unemployment claims drop -
05.23.12
Mortgage rates slide to record lows -
05.22.12
Existing home sales on the rise -
05.21.12
Chicago Fed: US economy improving
The current Radar Logic 25 MSA Composite data reported on residential real estate transactions (condos, multi and single family homes) that settled as late as November 25 and averaged for the month indicates that with slowing summer/fall transactions has come a notable decline of prices (the typical trend) with the national index declining 1.8% since October and falling 7.11% below the level seen in November 2010.
The Radar Logic index will likely be capturing an decline in prices from now until early 2012 as transactions continue to trend down.
Look for tomorrow's S&P/Case-Shiller home price report to reflect this declining trend though to a lesser degree due to its three month rolling-average nature with prices moderately higher.
The Christian Science Monitor has assembled a diverse group of the best economy-related bloggers out there. Our guest bloggers are not employed or directed by the Monitor and the views expressed are the bloggers' own, as is responsibility for the content of their blogs. To contact us about a blogger, click here.To add or view a comment on a guest blog, please go to the blogger's own site by clicking on paper-money.blogspot.com.
Follow Us