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Today, consider eleven additional markets where home prices have now clearly peaked and will soon likely join the prior nine.
It’s important to recognize that (as I have demonstrated in past posts) the Radar Logic home price data is very strongly correlated (r-squared at or over .85 for most markets) to the non-seasonally adjusted S&P/Case-Shiller indices.
Also, although both the Radar Logic and S&P/Case-Shiller report data with a 60 day lag, the Radar Logic data is released daily and leads the Case-Shiller by as much as 30 days.
With nine metros falling below the March lows and now eleven more showing significant month-to-month declines it’s virtually certain that the consensus will soon recognize that home prices are still far from bottoming out.