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Month On Month Drop Of 4.8% - A Record


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http://biz.yahoo.com/ap/080722/home_prices...ment_index.html

AP
US home prices fell 4.8 percent in May
Tuesday July 22, 11:03 am ET
Government index shows record 4.8 percent decline in US home prices in May from a year ago

We will see these kinds of drops sooner than the hitherto 12-18 month lag has been suggesting. Oooooo its so exciting! :P

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http://biz.yahoo.com/ap/080722/home_prices...ment_index.html
AP
US home prices fell 4.8 percent in May
Tuesday July 22, 11:03 am ET
Government index shows record 4.8 percent decline in US home prices in May from a year ago

We will see these kinds of drops sooner than the hitherto 12-18 month lag has been suggesting. Oooooo its so exciting! :P

This is confusing to me. How can it be a monthly drop, but be 'from a year ago'?

AFP

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Thats a YOY Fall.

Looks like its the US Governments own HPI Index. The 4.8% is down from the peak LAST APRIL. That just doesn't seem right to me. The US housing market has been tanking.

Usual Government Spin I suspect.

Yeah, a 4.8 percent drop from a year ago. What has RB being smoking? He must have got some off the compilers of that figure. California a big state was down 31 percent, and it's not like the others haven't been touched.

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Thats a YOY Fall.

Looks like its the US Governments own HPI Index. The 4.8% is down from the peak LAST APRIL. That just doesn't seem right to me. The US housing market has been tanking.

Usual Government Spin I suspect.

Its the usual way they state figures in the US, yes its confusing, but RB already knows this because hes done it (the thread title crap) befaore and its been explained and resolved before too. :rolleyes:

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Its the usual way they state figures in the US, yes its confusing, but RB already knows this because hes done it (the thread title crap) befaore and its been explained and resolved before too. :rolleyes:

whats the explanation and the resolution?

I must have missed it.

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Guest Winnie

RECIPE:

RB starts a thread...

All the HPC W**nkers flock to it like black-flies

They spout angry nonsese.............REALLY angry, like a police patrol should check their (batchelor) flats................

They prove that they have nothing to say themselves other than to knoock tall poppies

Hey - we all know the type at work..... Attack others to cover up your own vacuity..............

RB Bashing has become a way for me to cluster my "Ignore" commands....... pure unadulterated idiots.

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I think he is taking this data and using it for Case Shiller index ? which comes out soon. But the two indexes have different strenghts and weakness's which makes it hard to do this. Geographically OFHEO has better range but CS has more types of loans outside those F&F have and concentrates more on the coast.

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"A government report says U.S. home prices fell a record 4.8 percent in May from the same month last year."

They fell 4.8% in May.

This is more than the drop in the same period a year ago.

AP have mistakenly reported this as a YoY drop which is, of course, ridiculous. As the post above points out, CA, the largest state population and GDP-wise, dropped 31.7% YoY. What AP should have reported was a 4.8% drop in May compared with April and that this was more than the drop reported last year April-May which I suspect was arpound 3% or so.

Best to read the AP report without thinking too hard. Prices dropped 4.8% in May.

BUt then again, AP may have been quoting government propaganda that is actually claiming the market has not even corrected yet (10% down YoY). If they are saying the greatest crash of all time has resulted in a 4.8% drop in the value of homes ovedrf the course of a whole year I would suggest that this would be the mother of all porkies.

Whatever it is, its a record and 4.8% MoM sounds plausible.

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"A government report says U.S. home prices fell a record 4.8 percent in May from the same month last year."

They fell 4.8% in May.

This is more than the drop in the same period a year ago.

AP have mistakenly reported this as a YoY drop which is, of course, ridiculous. As the post above points out, CA, the largest state population and GDP-wise, dropped 31.7% YoY. What AP should have reported was a 4.8% drop in May compared with April and that this was more than the drop reported last year April-May which I suspect was arpound 3% or so.

Best to read the AP report without thinking too hard. Prices dropped 4.8% in May.

BUt then again, AP may have been quoting government propaganda that is actually claiming the market has not even corrected yet (10% down YoY). If they are saying the greatest crash of all time has resulted in a 4.8% drop in the value of homes ovedrf the course of a whole year I would suggest that this would be the mother of all porkies.

Whatever it is, its a record and 4.8% MoM sounds plausible.

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"A government report says U.S. home prices fell a record 4.8 percent in May from the same month last year."

They fell 4.8% in May.

This is more than the drop in the same period a year ago.

AP have mistakenly reported this as a YoY drop which is, of course, ridiculous.

Bloomberg:

July 22 (Bloomberg) -- U.S. home prices fell at the fastest pace of the year in May, compared with the same month in 2007, suggesting no end to the three-year housing slump.

Prices dropped 4.8 percent, faster than the 4.6 percent year- over-year decline in April, the Office of Federal Housing Enterprise Oversight said in a report today. The one-month decline, from April, was 0.3 percent, Washington-based Ofheo said.

You do this every time you read a US news story. That's how they report YoY. We tell you every time, and then you do it again. It's just a bit boring! These figures look small because they're not Case Shiller - you may as well compare Land Registry with Haliwide...

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Bloomberg:

You do this every time you read a US news story. That's how they report YoY. We tell you every time, and then you do it again. It's just a bit boring! These figures look small because they're not Case Shiller - you may as well compare Land Registry with Haliwide...

Careful, Winnie will put you on ignore.

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"The one-month decline, from April, was 0.3 percent, Washington-based Ofheo said."

Ooo dear, a whole 0.3% down in a month! That's worth an AP news story. :P

Who are they kidding? And 0.3% is a "record." Something is wrong here. 4.8% in a month might be a record but not 0.3%. In fact, 0.3% is hardly worthy of reporting letg alone claiming it as an all time gut wrenching record.

Edited by Realistbear
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Who are they kidding? And 0.3% is a "record." Something is wrong here. 4.8% in a month might be a record but not 0.3%. In fact, 0.3% is hardly worthy of reporting letg alone claiming it as an all time gut wrenching record.

4.8% YoY is a record for this survey

I don't see anywhere saying that 0.3% MoM is a record. Indeed it logically can't be, since 12 months of 0.3 wouldn't be 4.8.

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