This morning we received the October Case Shiller Home Price index. The index works on a lag, so it has become a less effective tool to determine home prices.
The data is a 3 month average for June, July, and August.
Back in August I discussed that the price index would not turn down again until October due to the lag time in the report. That is exactly what we saw this morning.
Prices have turned down month over month by .3%. This was a major disappointment for the forecasts.
Once again looking forward, the number released in December should be a full on massacre, a merry Christmas present for any Americans still remaining that are paying on their mortgage.