While the Case-Shiller index is down and the conventional wisdom suggests that housing prices will continue to fall, the RPX composite is up for the first time since 2007. The year-on-year ratio hit bottom in Feb 09. The RPX has a lot less lag than the CSI, but also a seasonal signal, so this could merely mean that seasonally adjusted prices are just falling more slowly, but it would be nice if it reflected green shoots. I’m not holding my breath though.
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