Here’s a cool WSJ interactive map on the results and here is the official CSI press release.

The general media coverage focus on the April S&P Case Shiller numbers talks a lot about the 3rd consecutive month of the ease in the rate of price declines. But the jobs outlook slipped, sapping consumer confidence.

An interesting, and in my view, likely housing double dip may be seen in the Case Shiller Index caused by performance differences in the bottom and and top half the the market.

Here’s the 20-city breakdown:

While the Case Shiller Index isn’t a tool to price specific property or markets, it shows macro trends and does a lot to set consumer housing market psychology.

Here’s Shiller’s interview on Fox Business today (I was interviewed by the same anchors about 30 minutes later on the issue of HVCC) talking about his new trading tool for housing. Mike at Altos Research does a brilliant job explaining how the new ETF works.

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3 Responses to “Case-Shiller Index: 18.7% Becomes 18.1% = Market Falling, Just Not As Much”

  1. Hey thanks for the cite, Jonathan. Let’s see if these things get some liquidity!

  2. The core problem with Case-Shiller and MacroMarkets if it’s false assumption that there is a correlation to the metro area to the local or hyperlocal housing market, which there is NOT. Example, in the Phoenix Metro Market there are over 2,229 hyperlocal markets (Block Groups). And in comparing the min and max to the median, there is over a 15% error. So this ETF is more of a true gamble than most economist relies, which I find interesting. Counting cards at the Rio, seems smarter, since this way, at least you know the odds, and do not directly pay the house.