Home Prices Much More Resilient Than Expected. Is There a Catch?
Today brings the latest monthly installment of the two major home price indices from Case Shiller and the FHFA. While these numbers only bring us up to February, they show more evidence of the same trend we pointed out last month when we asked: are home prices already done falling ?
If you were to ask the same question of today's data, the answer is even clearer. Even the more volatile Case Shiller 20 city index moved back into positive territory in month-over-month terms. The modest +0.1% increase is especially notable given that the median forecast called for a drop of 0.4%. FHFA's index accelerated from 0.1% in Jan to 0.5% in Feb.
If there's a "yeah but," it would be that prices bounced in a similar way back in 2006, right before things got way worse:
Fortunately, th
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