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Would-Be American Homebuyers Find No Respite From Housing Debacle
The good news is, US pending home sales fell less than expected in October.
The 1.5% MoM decline on
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I’m I reading that chart right, that Redfin’s index shows faster YoY home price increases than C-S for most of the last decade? That would suggest Case-Shiller, by now, is grossly understating current prices.
I suspect the comparability devil is in the details, like which Case Schiller index is used, how the Redfin index is constructed, etc. If I recall, the Case Schiller indicies are or were the basis of tradable instruments, so perhaps they are calculated more conservatively, or lag more to avoid revisions, or something.
I also clearly recalls Case-Schiller projecting home prices being in significant decline in Q4 of this year in their Q1 projection.