This house market is falling apart… Housing recovery is an illusion, real estate expert says… “for the first time since February 2008, all cities showed lower annual rates than the previous month.”
“Widespread Slowdown In Home Price Gains”: Case-Shiller Misses, Rises By Slowest Since 2012
The fourth (or is it fifth?) dead cat bounce in the US housing market is rapidly fading, as we just confirmed by the latest Case-Shiller Home Price Index data for the month of June, which saw a Y/Y increase in home prices of just 8.07%, below the 8.3% expected, and the slowest increase since December 2012. As the report noted, “for the first time since February 2008, all cities showed lower annual rates than the previous month.” On a monthly basis, the NSA index, Case-Shiller’s preferred, rose by 1.0% for the 10 and 20-City composite, with the Seasonally Adjusted composite declining for the second consecutive month: the last time there were two consecutive monthly declines during a price declining phase was in late 2010.
US HOME PRICES FALL AGAIN
Durables Goods, Excluding Bumper Boeing Orders, Suffer Biggest Drop Of 2014
Opinion: This house market is falling apart
Housing recovery is an illusion, real estate expert says
Most real estate experts believe the U.S. housing market is roaring back. Few have anything to negative to say about real estate. But what if they’re wrong?
Real estate analyst Keith Jurow, author of the Capital Preservation Real Estate Report, is warning that the real estate market is not as strong as it seems. Says Jurow: “I never bought into the idea that we had a recovery at all.” His research leads him to conclude that home prices will be heading lower.
Why? Largely because home listings are going up but sale prices are not. Jurow discovered that as of June 2014, listings in Ft. Lauderdale increased by 89.3% year-over-year. In Miami, listings are up by 65.7% In Charlotte, N.C. they are up 51%, and in Riverside, Calif. they’re up 28.1%. In 10 major metro areas around the country, listings have increased. Jurow gets his data from Redfin.com and Raveis.com.
“Many people waited for prices to rise before putting their house on the market, and they have,” Jurow says. “But now listings are increasing because everyone has the same idea. Unfortunately, May and June are traditionally the strongest months for sales, and these home sellers have missed the peak season.”
China’s falling real-estate prices trigger protests, clashes
HONG KONG (MarketWatch) — The sharp drop in China’s housing prices has led to an outburst of anger among property owners, leading to violent clashes in some cases, according to local media reports Tuesday.
In one case, scores of property owners surrounded a Shanghai sales office of Greentown China Holdings Ltd. 3900, +8.58% GTWCF, -33.19% to protest the developer’s 25% cut to prices within a five-day period, according to a report on the NetEase NTES, +0.59% news portal site 163.com.
Protesters held banners with slogans such as “You cheated us!” and “300,000 yuan [$48,750] worth of assets evaporate within five days — years of work in vain!” according to photographs of the demonstration posted on the site.