Newsfeed: “Delay Your Home Purchase” – Bob Shiller Warns As Prices Slide For 7th Straight Month

By Tyler Durden via ZeroHedge

US home prices, according to S&P CoreLogic’s Case-Shiller index, fell for the 7th straight month (-0.42% MoM) leaving the home price index up 2.55% YoY (in January – this data is always very lagged) – the lowest growth since Nov 2019.

Source: Bloomberg

“One of the most interesting aspects of January’s report is the continued weakness in home prices on the West Coast, as San Diego and Portland joined San Francisco and Seattle in negative year-over-year territory,” Craig J. Lazzara, managing director at S&P Dow Jones Indices, said in statement.

“It’s therefore unsurprising that the Southeast (+10.2%) continues as the country’s strongest region, while the West (-1.5%) continues as the weakest.

Source: Bloomberg

San Francisco and Seattle are down the most from their highs (New York and Miami are down the least). Home prices in Miami and Tampa are still up over 60% since COVID…

Finally, the man behind the home price index – Yale economist Bob Shiller – told CNBC’s “Closing Bell: Overtime” Monday. “Home prices are very, very high by historical standards.”

“I would extrapolate the downturn somewhat – it’s going to continue,” he added.

“Maybe if you have a good chance to delay your purchase, it might be a good time to do it.”

“It might get a little cheaper after another six months.”

We suspect that is what Powell is hoping for, and judging by mortgage rates, prices have a long way to fall…

Unless The Fed folds.

 


More From The Real Estate Guys

The Real Estate Guys™ radio show and podcast provides real estate investing news, education, training, and resources to help real estate investors succeed.


Subscribe

Broadcasting since 1997 with over 600 episodes on iTunes!

real estate podcast on itunesSubscribe on Androidyoutube_subscribe_button__2014__by_just_browsiing-d7qkda4

 

 


Love the show?  Tell the world!  When you promote the show, you help us attract more great guests for your listening pleasure!

Facebook
Twitter
LinkedIn
Email

Be the first to know when new content arrives!

Explore The Archives

Archives
Metal Ask Change
Gold $2037.76 $-2.25
Silver $22.69 $-0.39
Platinum $894.34 $-14.75
Palladium $991.42 $-17.51
Gold to Silver 89.81 to 1
Gold to Platinum 2.28 to 1
Gold to Palladium 2.06 to 1

The Real Estate Guys™ Guests and Contributors Have Been Featured On:

Scroll to Top
Scroll to Top