Today the latest S&P/Case-Shiller Home Price Index fulfilled my expectations with an accelerated decline of -12.7% Y/Y in February, down from -10.7% Y/Y in January.
The Composite-10 index was even worse at -13.6% Y/Y, down from -11.4% Y/Y in January.
On a regional basis, it should be no surprise that the cities in the South and Southwest regions of the U.S. are faring the worst, with Las Vegas home prices leading the pack at -22.9% Y/Y. “There is no sign of a bottom in the numbers,” says David Blitzer, Chairman of the Index Committe at Standard & poor's.” You can see the full report here.
If there is no bottom yet in sight for housing, I can't see the bottom yet in sight for this economic downturn.
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Maybe it is different, but the decline in breadth is playing out as it did during the Tech-wreck why, because humans are involved. Same ol'e crazy!
h/t @MauiBoyMacro
“.. equity market breadth has narrowed in recent weeks to one of its lowest levels on record. The S&P 500 has rallied by 14% from its low in late March and now trades at a new record high. However, the median S&P 500 constituent remains 13% below its respective high.” 👇🏼
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