Although single-family home prices fell for a fifth straight month in November, the latest numbers out of Case-Shiller’s composite index weren’t as bad as expected.
The consensus was for a decline of 0.8 percent on a seasonally adjusted basis in the 20-city index. But the decline from October to November was just 0.5 percent. (Unadjusted for seasonal impact, the index fell 1 percent in Novemeber, a slowdown from the 1.3 percent in October.)
I’m sure you will hear lots of happy talk today about how the double-dip in housing prices seems to be decelerating. I don’t believe it. I think it was a head-fake.