Housing Recovery? Case Shiller Home Prices Tumble Most In 10 Months
by Tyler Durden
ZeroHedge.com
07/28/2015
The 0.18% month-over-month decline in Case Shiller home price index is the biggest since July 2014 which confirms the David Blitzer’s view that “over the next two years or so, the rate of home price increases is more likely to slow than to accelerate.” His biggest fear is that “first time homebuyers are the weak spot in the market,” adding that prices are increasing about twice as fast as inflation or wages. Moreover, other housing measures are less robust – housing starts are only at about 1.2 million units annually, and only about half of total starts are single family homes. Sales of new homes are low compared to sales of existing homes.
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