Home Prices Suggest Broad Housing Market Recovery By Dan Ritter | More Articles March 26, 2013 “The two headline composites posted their highest year-over-year increases since summer 2006,” said David Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices, in a statement on Tuesday. “This marks the highest increase since the housing bubble burst.”The S&P/Case-Shiller Home Price Indices showed that for the twelve months ended January 2013, home prices increased 7.3 percent in the 10-City Composite and 8.1 percent in the 20-City Composite. What’s more, 19 out of 20 cities showed acceleration in year-over-year returns, Detroit being the only city to grow at a slower rate than before.
In my opinion this is a good indicator for PMI.
But, why would they manipulate it for this long? There must be some reason or another that they have been punishing this stock for days in a row. I have heard all kind of stories of how this stock will fly to the moon with all the good news we are hearing about the housing recovery, but so far nothing. I hope the trend changes, because very soon we will have a market correction and I don't want to see this stock goes back down again.