zerohedge.com / by Tyler Durden / 04/29/2014 09:22 -0400
What a difference Seasonally adjusted and
Unadjusted data makes: for the best example look no further than the
just released latest Case Shiller index, where the Seasonally Adjusted
20 City Composite Index grew by a less than expected 0.76% (Exp. 0.80%),
down from the 0.80% last month, and the Year over Year price also
missed expectations of a 13.00% increase, printing slightly less at
12.86%. However, while the well-delayed February data was a modest miss
across the board, more importantly it represented that there has been price increases for
24 consecutive months. One gets a very different story if one looks at
the NSA data, where Y/Y prices increased the same, or 12.86%, however on
a sequential basis, prices have now declined for 4 months in a row –
the longest negative stretch in actual home prices since March 2012.
What’s worse, even Case Shiller itself appears to have given up on housing as the driver of the wealth effect: “Five years into the recovery from the recession, the economy will need to look to gains in consumer spending and business investment more than housing. Long overdue activity in residential construction would be welcome, but is certainly not assured.”
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