The latest Case Shiller index values through November 2008 were released on January 27th.  Despite the continual cheerleading from the National Association of Realtors (NAR), housing prices continued on their downward paths.

The Case Shiller index values are the only objective housing measure worth looking at.  The view below is a quick snapshot showing the following:

  • Peak Month and Value - The case shiller index values were 100 at the January 2000 reference month.  A value of 155.04 signifies that prices were 55.04% more expensive for the month listed.
  • Last Value – Data currently available only through Novembe 2008.
  • Peak Decline – Percentage decline from the peak month and value listed.
  • M-M Decline – Percentage decline from October 2008 to November 2008.
  • Y-Y Decline - Percentage decline from November 2007 to November 2008.

nov08cs

Meanwhile, the NAR continues its desperate attempt to re-inflate the bubble. Their methods are two-fold:

  1. Ignore the data and present misleading data to unsuspecting potential home buyers.  Their latest report states that “Sales jumped 6.5% in December”.   Next thing they will tell us is that their weight increased 2,000% (since childbirth!).  Read the NAR reports carefully before buying a new home.
  2. Beg congress to punish responsible taxpayers by bailing out irresponsible lenders, builders, and home speculators.  Beg congress to give your tax money to first time home buyers.  Beg congress to do everything possible to PREVENT market forces from working in an efficient manner.  Their latest statement is here:

NAR expressed support for Chairman Barney Frank’s, D-Mass., proposal, H.R. 384, the TARP Reform and Accountability Act, introduced last week. This bill contains key components of NAR’s Housing Stimulus Plan, including enacting a mortgage buy-down program to reduce interest rates below prevailing rates, increasing foreclosure prevention and mitigation efforts, and providing needed liquidity to the residential and commercial mortgage markets to ensure that financing is available. “We also applaud the chairman’s efforts to strengthen accountability and increase transparency in the use of TARP funds,” McMillan said.

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