Case-Shiller Numbers Down for March (May release)
I'll have more on this at a later date, but the S&P Case-Shiller numbers released today were down slightly from last month. The 20 Market Composite index was down .8% over February, Miami was down .8% as well, and Tampa was down .7%
In his analysis of this month's report, David Blitzer, Chairman of the Index Committee at S&P indices, said that this decline was the last straw and declared that the US housing economy was now in a double dip recession. Those words aren't verbatim but the point is the same. In fact, he did say "Home prices continue on their downward spiral with no relief in sight."
I don't know how weighting figures into the calculation of the indices but sometimes I can't help but think, for example, if Smith hadn't negotiated such a great deal with Jones on the sale of his Bayshore Blvd mansion in Tampa, would the index have increased by .1% instead of falling .7%. And if this same situation had played out over another 19 markets, would Mr. Blitzer have declared and end to the recession.
Read the full report here. More on the index results later.