Professor Karl Case joins Bloomberg to discuss the latest results of the S&P/Case-Shiller home price indices.
I’m still WAY more bearish than Dr. Case.
The single most important data-point at this point is unemployment (unemployment rate and non-farm payroll level) which will, in all likelihood, continue to soar and severely weigh on the nation’s housing markets.
Now that the regions that Dr. Case mentions as having moderate declines to date (New York, New Jersey, Massachusetts, etc.) have neared or surpassed 6% unemployment, watch for their housing markets to come under the type of severe pressure already seen on the west coast (20-40% home price declines).