Case Shiller index shows turn in housing prices

- by New Deal democrat

I haven't read any commentary by others on this morning's release of the Case-Shiller indexes. Unlike most others I focus on the seasonally adjusted numbers, since they will show a turn sooner.

This morning both the 10 and 20 City indexes went up for the second month in a row. That is the first time there have been two monthly advances in a row since 2007, outside of the period of the $8000 housing credit which ended in April 2010. Fifteen of the 20 cities in the larger index showed increasing prices. Only 4 cities -- New York, Chicago, Detroit, and Atlanta -- declined to new lows. A fifth, Portland, decreased this month but was above its January low.

Unless the much-anticipated foreclosure tsunami arrives (and waiting for it has approached the level of Waiting for Godot), it appears the turn in the market is here.