Home Prices In 20 U.S. Cities Drop Most In More Than 12 Months - Robert Shiller, Karl Case With Bloomberg

• Home Prices in 20 U.S. Cities Drop Most in More Than 12 Months

April 26 (Bloomberg) -- Karl Case, co-creator of the S&P/Case-Shiller Index, discusses today's report on residential real estate prices in February and the outlook for the U.S. housing market.  The index of property values in 20 cities fell 3.3 percent from February 2010, the biggest year-over-year decrease since November 2009, the group said today.  The decline matched the median forecast in a Bloomberg News survey.  Case talks with Tom Keene.

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April 26 (Bloomberg) -- Karl Case and Robert Shiller, founders of the S&P/Case-Shiller home-price index, talk about the outlook for the U.S. housing market. Residential real-estate prices dropped in the 12 months to February by the most in more than year, putting the market on the verge of eclipsing the nadir reached during the U.S. recession.

Comments

[Smack MacDougal]

When house prices fall to somewhere between their 1999 and 2002 prices, the bottom shall be hit. Mind you, house prices can get there in real terms -- which is all that matters -- even if the face price seems higher.

Owing to the effects of money accretion, the unit buying power of U.S. money has declined masquerading the depth of the fall in realty prices.

[Sagebrush]

“Confidence is picking up on the back of an improving labor market and rising stock prices, which are offsetting higher gasoline costs,” said BMO’s Guatieri. “Consumers will have both the confidence and the income to keep spending.”

WHAT A BUNCH OF ELITE ASSKISSING MAIN STREAM MEDIA BULLSHIT.
I don't know what fantasy land they're referring too but it sure as hell isn't the state where I'm living.

[S. Gompers]

But the tax man keeps saying my property value is going up and up (20% this last year). I just wish they would buy it so I could go out and get a really good deal on even more land, but they don't want to buy it, they just want me to pay more and more for the right to live there...

[Falesteeni]

WET dreams people still living in LA LA land ! possible coming recovery lol...

[Grant Hammond]

I would like to point out that home prices will probably not begin to go back up until the annual income for the average American has recovered for at least 9 months. Once that occurs, we'll get back to slow, steady recovery.