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Home Prices Drop 2% – To Post-Crisis Lows

From a relentlessly spinning Associated Press:

Homes Prices Drop 2% to Post-Crisis Lows: Case-Shiller

May 29, 2012

Home prices fell in the first quarter to new post-crisis lows, but prices were up in March from February for the first time in seven months.

The increase is the latest evidence of a slow recovery taking shape in the troubled housing market.

You see? House prices dropping to record lows is just "the latest evidence of a slow recovery taking shape."

You have to hand it to the AP. Their reporters never quit. It’s almost as if their jobs depend on talking up the economy enough to get Obama re-elected. (And maybe they do.)

The Standard & Poor’s/Case-Shiller home price index showed that prices increased in 12 of the 20 cities it tracks.

Still, the major indexes ended the first quarter at new post-crisis lows, the report said. For the first quarter, prices were down 2 percent, compared to a 3.9 percent decline in the last three months of 2011.

Prices increased in Tampa and Miami — two of the hardest hit markets. Las Vegas — the nation’s worst market — so no change in prices. Prices dropped sharply in Detroit, Chicago and Atlanta.

The increases partly reflect the beginning of the spring selling season. The month-to-month prices aren’t adjusted for seasonal factors.

So have we finally found a number that is not seasonally adjusted? We can’t have that!

The overall index of 20 cities was essentially unchanged in March, after falling 0.8 percent in February.

All of which is just more "evidence of a slow recovery taking shape."

This article was posted by Steve on Tuesday, May 29th, 2012. Comments are currently closed.

3 Responses to “Home Prices Drop 2% – To Post-Crisis Lows”

  1. River0 says:

    Obummer is waging war on us, our economy, and our nation’s greatness; so people are hunkering down and saving their capital.
    Nobody is certain the economy and home prices have bottomed out, and until a reasonable degree of certainty is felt, there can never be a rally.

    When Romney is elected and begins to clean house, there will be a stock and real estate market rally the likes of which we’ve never seen. All Romney has to do to create millions of jobs is allow drilling for oil and natural gas, wipe away idiotic regulations and IRS tax choke-holds, and make America an attractive place for international investment.

    Ronald Reagan showed how it’s done.

  2. GetBackJack says:

    This is so … unexpected …..

  3. canary says:

    AP left out the houses built 1978 and older aren’t selling because of the EPA regulations. Reality agents and owners can be fined $75,000 for not making sure the home and soil is “lead tested”, and only “lead tested” buy EPA kits ONLY. But, that’s okay. The cities will pay a few tokens for the land; tear down the house and build a govt multi-family complex in it’s place for public housing.

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