Every month, real estate watchers, bears, bulls, pundits and nerds wait with bated breath for the vaunted S&P/Case-Shiller National Housing Index. It’s a national index that focuses on the 20 largest U.S. housing markets, and from a macro-perspective it sheds light on the general direction and mood of the single family home market.
This week, for the first time January of 2007, Case-Shiller actually brought some decent news. From our friends over at The New York Times:
For the first time since early 2007, a composite index of 20 major cities was virtually flat, instead of down.
“We’ve found the bottom,” said Mark Fleming, chief economist for First American CoreLogic, a data firm.
The release of the surprisingly strong Case-Shiller Price Index, compiled by Standard & Poor’s, followed earlier reports that sales of existing homes rose last month for the third consecutive time, while sales of new homes rose in June by the largest percentage in eight years.
While the optimists of the world- this blogger included- are always looking for things to be positive about, this information is not insignificant. I mean, do you know what the world looked like in January of 2007? Ben Stiller’s “”Night at The Museum”” ruled the box office, the plan for a troop surge in Iraq was first announced, and Nancy Pelosi was just elected Speaker of the House. It’s been a painfully slow 30 months in many regards, and when an index as widely watched as Case-Schiller begins to stabilize, it’s worth taking note.
The Relevant Linkage
For your macro-fix, take a few minutes to check out the Times’ Economix blog, where they analyze the latest Case-Schiller Index– it’s well worth the read.
For your micro-fix, check out the AJC’s reporting on how Atlanta fared in the recent report.