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In Advance of Case Shiller

News outlets are buzzing in advance of tomorrow’s Case Shiller report:

Reuters:

* What: S&P/Case-Shiller September home prices indexes
* When: Tuesday, Nov. 24, 9 a.m. (1400 GMT)
* Economists’ median forecast: +0.8 pct for 20-city index
-9.0 pct yr-over-yr 20-city

NEW YORK, Nov 23 (Reuters) – U.S. home prices likely rose
in September for the fifth straight month, trimming the year’s
losses, a Reuters survey on the Standard & Poor’s/Case-Shiller
indexes found…

Diana Olick at MSNBC this to say about  Case Shiller report:

As you probably could have guessed, I’m not going to jump on the bandwagon and say that the housing market is all fine and dandy now that we’ve seen two months of big jumps in existing home sales.

In fact, that bandwagon isn’t all that crowded; a lot of the housing cronies are saying that this big surge is all about the first time home buyer tax credit, which was originally supposed to expire November 30th but was then extended to closings by June 30th. The numbers today represent buyers who weren’t banking on the extension. Now that demand has been pulled forward so much, we are going to see a falloff after one more monthly reading…

Portland’s numbers in tomorrow’s post.

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