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RSS FeedOld News Still Sows Fear |
Standard and Poor is still trying to keep people out of real estate and in stocks. Why else would they make a big deal of November home prices falling "at a record pace?" (http://tinyurl.com/2b2pkf)
Aside from the fact that their Case-Shilling Index is severely limited in scope and depth (see my earlier blogs on that index), November numbers are based for the most part on September contracts. I think we all know that October, based on contracts written in the depth of the mortgage crisis, was bad. I think using year-to-year drops are not useful four months later. Unless it is an attempt to prolong the bad news and keep buyers out of the market.
Even the good news that Charlotte, NC, Portland OR and Seattle WA "posted positive annual growth rates," was tempered by the observation that they will "fall into negative territory in the next few months."
Pay attention to your local market.
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