Home Prices Drop 2% – To Post-Crisis Lows
From a relentlessly spinning Associated Press, yeah I know, normal people would just say lying, but they are all we got left for a press, for now:
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? Just “the latest evidence of a slow recovery taking shape.” I wonder what a normal recobvery would look like to the AP?
It’s almost as if their jobs depend on talking up the economy enough to get Obama re-elected. You get the sense the media is all in on this election?
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! Everything has to be cloaked in wiggle room and error, just in case ….
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.”