The Case-Shiller composite 20 home price index slid 0.8% MoM in September, which was double the decline penned in by the consensus. Not only that, but August was revised to show a 0.5% decline from -0.3% before, and July was down 0.3%. So this is the first three-declines-in-a-row posted since the worst of the recession from March to May of 2009.
Over the past three months, the CS-20 series has declined at 6% annual rate — again, a decline not seen since May 2009 (note that from a “wealth effect” perspective, this is akin to an 18% slide in the equity market).
---Rosenberg Yesterday
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