S&P released their Case Shiller Index report today for August 2011. The report shows modest gains in the Composite 20 index and the Minneapolis St Paul index is also showing modest gains. Minneapolis St Paul Case Shiller index posted a .42 gain from July to August and the Composite 20 posted a .22% gain from July to August. We have been seeing this happen on the blog here if you catch the Weekly Market Updates, it is now beginning to translate to data on the Case Shiller Index.
From S&P Case Shiller Index Report:
Data through August 2011, released today by S&P Indices for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, showed increases of +0.2% for the 10- and 20-City Composites in August versus July.
Looking at the index kind of re-enforces Case Shiller’s statement that we will see a Catfish Recovery. “Bouncing on the bottom”.
UPDATE: 10/27/2011: Great post from S&P ranking Minneapolis/St Paul as Improving market. We went from -9.1% in July to -8.5% in August. We won’t suddenly go from -9.1% in home value declines in 7 months, we won’t turn to positive increase in home values for the year in one month. So a slight increase is great news, the trick is to keep this up day by day and then month by month.
- St. Thomas real estate analysis of traditional-sale home prices shows one-third the decline indicated by Case-Shiller (craigkamman.com)
- Today’s Economic And Political Docket – Peak Rumors, And Some Facts (zerohedge.com)
- What’s Ahead For Mortgage Rates This Week : October 24, 2011 (clewismortgage.wordpress.com)