The National  Memo Logo

Smart. Sharp. Funny. Fearless.

Monday, December 09, 2019 {{ new Date().getDay() }}

Washington (AFP) – U.S. housing prices rose in January, but at a slower pace than in previous months, the S&P/Case-Shiller index showed Tuesday.

The index of prices across 20 leading metropolitan areas gained 0.8 percent in January from December, on a seasonally adjusted basis.

On an adjusted basis, all 20 areas showed gains.

However, without adjusting for seasonality, prices were down 0.1 percent, the third straight monthly fall, suggesting that rising mortgage rates and harsh winter weather may have slowed buying.

On a non-adjusted basis, 12 of the 20 cities showed falling prices between December and January.

“The housing recovery may have taken a breather due to the cold weather,” said index head David Blitzer in a statement.

“Twelve cities reported declining prices in January vs. December; eight of those were worse than the month before.”

Year-on-year prices were up 13.2 percent, lower than the 13.4 percent 12-month pace registered the previous month.

Ian Shepherdson of Pantheon Macroeconomics suggested that the adjusted numbers were deceptive and that the non-adjusted figures better represented the trend.

“We are pretty sure the (Case-Shiller) numbers overstate the rate of increase of existing home prices, which probably now are falling outright in the wake of the drop in sales volumes,” he said in a client note.

AFP Photo/Scott Olson

Advertising

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

Senate Majority Leader Chuck Schumer

Washington (AFP) - Republicans in the US Senate prevented action Thursday on a bill to address domestic terrorism in the wake of a racist massacre at a grocery store in upstate New York.

Democrats had been expecting defeat but were seeking to use the procedural vote to highlight Republican opposition to tougher gun control measures following a second massacre at a Texas elementary school on Tuesday.

Keep reading... Show less

Jimmy Kimmel

Image via YouTube

The totally needless killing of 19 school children and two teachers in the latest school shooting shows once again that we're a nation on the verge of total disaster.

Never hesitant to nail hypocritical Republicans, Jimmy Kimmel began his show without an audience on Wednesday and delivered a poignant monologue about the massacre at an elementary school in Uvalde, Texas that left 19 children and two teachers dead. Kimmel blasted feckless Republicans by noting most Americans support common-sense gun laws, but the legislation stalls “because our cowardly leaders just aren’t listening to us ― they’re listening to the NRA.”

Keep reading... Show less
{{ post.roar_specific_data.api_data.analytics }}