patrick.net

This is the third time Wanker is planting one of these price-cheerleading stories in less than a week. What is up with that?

Newsflash: Prices almost always go up from April to May, because May is the peak of the buying season, every year . But they have not risen when seasonally adjusted (year-over-year).

Here is the debunk:

http://www.calculatedriskblog.com/2009/07/case-shiller-prices-fall-in-may.html

'Planting'? Thanks for sharing, justmoi.

Doesn't this also have the inherent flaw that when homes in higher priced markets finally start selling it skews home prices upward.

I'm a little surprised it isn't up more than that. The gov't is throwing everything at this and it can only manage 0.5 increase.

Doesn't this just mean that some higher priced houses are being sold cheap?
If the "price increases" are not applied to comparable homes how does indicate anything?
When they put out these numbers they never give any details on what types of homes or areas are being compared to the previous months sales.
All of these sales are only locking in lower property taxes for years to come.
Riverside County is now lowering the tax valuations on thousands of properties so
the general economic situation will only get worse with reduced revenues.
Riverside County alone has lost about 250,000 jobs so there is not likely to be much
price increase there for a really long time.

drfelle says

justme says

This is the third time Wanker is planting one of these price-cheerleading stories in less than a week. What is up with that?

I’m not saying I’m onboard with his optimism yet. However, it’s just a matter of time before Wanker is going to be able to say, “see, I told you so”.

But I'm not really an optimist. Like FOX news, I report and you decide.

Still, I think that positive news is being ignored by Patrick.net. Just like those who stuck their heads in the sand and denied the existence of the bubble there are many people here who don't want to see the possibility that the market doldrums might, just might (mind you), be lifting.

camping says

Doesn’t this also have the inherent flaw that when homes in higher priced markets finally start selling it skews home prices upward.
I’m a little surprised it isn’t up more than that. The gov’t is throwing everything at this and it can only manage 0.5 increase.

Raising the sales price, however nominally will have an effect on all levels of housing in an area. The entry level houses will have a bump in price because more 'higher priced' homes are selling, even at bargain prices. The drop in lower priced homes due to the Sub~prime crisis brought down the price per square foot and the median prices all around them. As more expensive homes are sold they will begin to raise the price of entry level 'bargain' houses. It's just inevitable.

And the government is probably not finished throwing everything it can at the housing problem. Think Stimulus Package 2.0 Once the $8K credit is gone, I would not doubt that it will be replaced by one for $15K. Many of you voted for 'hope and change' and that may very well be what you will get.

pinnacle says

Doesn’t this just mean that some higher priced houses are being sold cheap?

If the “price increases” are not applied to comparable homes how does indicate anything?

When they put out these numbers they never give any details on what types of homes or areas are being compared to the previous months sales.

All of these sales are only locking in lower property taxes for years to come.

Riverside County is now lowering the tax valuations on thousands of properties so

the general economic situation will only get worse with reduced revenues.

Riverside County alone has lost about 250,000 jobs so there is not likely to be much

price increase there for a really long time.

Counties need to start living within their means. If it means no more hand~outs and freebies, so be it. Responsible homeowners learn to live within their means. Now that property tax revenues are down, is a good time for the Counties to find out what can be cut out and what is needed for survival. I don't have a problem with that.

drfelle says

WillyWanker says

there are many people here who don’t want to see the possibility that the market doldrums might, just might (mind you), be lifting.

As things recover you will see less people hanging out talking about the crash. Heck, there are a lot of members I haven’t seen for awhile; I think maybe they got into the market ; ) The ones that stay here and continue to post about the crash (even though it’s recovering) will probably never dive into the market anyways. Prices will never be low enough for them.

I, too, suspect that some people here are destined to be renters forever.

The Standard & Poor’s/Case-Shiller home price index of 20 major cities rose 0.5 percent from April, but was still 17.1 percent below May a year ago.

0.5% up from April and 17.1% down from lasy year May. So much positiveness!!!!!!