S&P Case Shiller index was released today (Dec 26, 2012) for data up to October 2012.
The Composite 20 index posted a -0.1% decline from September to October but an increase of 4.3% year to date.
Minneapolis, MN index posted a -0.7% decline from September to October but an increase of 9.2% year to date.
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Basically the housing market is trying to gain traction, but struggling to take off. Given the inventory levels in the Twin Cities market, I expect to see price increases through the spring market of 2013 – assuming interest rates remain low. The big wild card in the housing market continues to be job growth. The wild card in the job growth is the Debt Spending in Washington and the looming “Fiscal Cliff”. My opinion on the “fiscal cliff” is that we should go over it to get a handle on the out of control spending. There would likely be a recession, but small compared to the cliff we will go over if we continue on this out of control spending.