To: d[-_-]b who wrote (506534 ) 9/5/2012 4:48:03 PM From: MJ Read Replies (1) | Respond to The Most Expensive States to Live 2012 ]The home buyer tax credit juiced home sales and prices by a lot, but prices then dropped precipitously in 2011. Home prices dropped a full 4 percent from 2010 to 2011 on both the CoreLogic and the Realtors' index. The S&P/Case Shiller national home price index was down 5 percent from Q2 2010 to Q2 2011. In addition to recovery from a hangover, this year mortgage rates are a full percentage point lower than they were in July of 2011, which creates much more purchasing power/stimulus, thereby skewing the comparison even more. "Bottom line, when you un-adjust, normalize, handicap, overlay stimulus periods, and analyze -- based on the massive increase in rates driven purchase power, the distressed mix shift positive skew, pulled-forward effect, and the overwhelmingly more positive sentiment -- the June year-over-year Case-Shiller indices only up 0.1 percent and 0.5 percent respectively and July CoreLogic Home Price Index only up 3.8 percent can be viewed as 'net' house price depreciation...and should be very disappointing for those looking for 'escape velocity' and a 'durable recovery,'" says housing analyst Mark Hanson. " WHAT DID HE SAY? In reference to the second paragraph ---mj IS IT ANY WONDER THAT WE HAVE HAD A HOUSING CRASH THAT
