Beware Dated Housing Stats
"Anyone here from Northern Virginia?" asked Tom Lawler, founder of Lawler Economic & Consulting in Vienna. He was one of the panelists in that marathon economic summit meeting that the National Association of Realtors held at the Marriott Wardman Park yesterday. "Northern Virginia is actually starting to bottom," he said.
He warned participants that all the home-price indexes reported in the news rely on dated information. "Case-Shiller not only has a lot of foreclosures, but the last index was based on January-February closings and those contracts were made a month or two earlier," he said, referring to the closely followed index of home prices.
Are you seeing a bottom -- or are such sightings wishful thinking?
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