CaseShiller Price Indices See Big Yearly Gains in November

first_img January 29, 2013 455 Views in Data, Government, Origination, Secondary Market, Servicing Case-Shiller Price Indices See Big Yearly Gains in November Sharecenter_img Agents & Brokers Appraisals Asking Prices Attorneys & Title Companies Bureau of Labor Statistics Consumer spending Home Values Investors Lenders & Servicers Mark Lieberman National Association of Realtors Payrolls Processing Service Providers Valuation 2013-01-29 Mark Lieberman Despite seeing a month-over-month drop, the 10- and 20-city Case-Shiller Home Price Indices registered their strongest year-over-year improvement in two and a half years on a non-seasonally adjusted basis, “”Standard & Poor’s””: reported Tuesday.[IMAGE]The 10-city index fell 0.2 percent, and the 20-city index dropped 0.1 percent from October to November. On an annual basis, however, the 10-city index was up 4.5 percent, and the 20-city index rose 5.5 percent. It was the strongest yearly gain in the 10-city index since June 2010 and in the 20-city index since May 2010.For the month, prices rose in 11 of the 20 cities surveyed. For the year, prices were up in 19 cities.Economists had expected the 20-city index to fall 0.1 percent in November, calculating to a 5.8 percent year-over-year gain.The Federal Housing Finance Administration (FHFA) index for November, reported last week, showed 5.7 percent yearly gain. The median price of an existing single family home, according to the National Association of Realtors (NAR), rose 1.4 percent in November and registered a 9.4 percent year-over-year increase.Of the nine cities in which prices fell in November, seven showed a drop in employment, according to the Bureau of Labor Statistics (BLS).[COLUMN_BREAK]Prices declined 1.3 percent in Chicago in November–where according to BLS, employment fell by almost 12,000–and 1.1 percent in New York, where employment fell by 8,102. Prices fell 0.9 percent in Boston. where employment dropped 737, and 0.8 percent in Cleveland, where employment fell 2,661. The unemployment rate in Chicago in November was 9.7 percent (a drop of 0.2 percentage points), 8.6 percent in New York (a drop of 0.6 percentage points), 5.9 percent in Boston (a drop of 0.4 percentage points), 8.8 percent in Cleveland, an increase of 0.9 percentage points.The cities where prices rose in November were led by San Francisco, which saw a 1.4 price gain, and Minneapolis, where prices rose 1.0 percent. In San Francisco, according to the BLS, employment edged up 784, and the unemployment rate dropped 0.2 percentage points to 6.7 percent. In Minneapolis, employment rose 348 in November as the unemployment rate fell 0.4 percentage points to 5.2 percent. The only city which saw a year-over-year price drop was New York, where prices fell 1.2 percent, even though the city├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós employment rose 14,090 and unemployment rate fell 0.3 percentage points for the year.Phoenix showed the strongest yearly price increase, up 22.8 percent from November 2011 to November 2012, with San Francisco a distant second, recording a 12.7 percent price gain. Prices rose double digits year-over-year in only two other cities: Detroit, up 11.9 percent, and Minneapolis, up 11.1 percent.The unemployment rate fell 1.4 percentage points year-over-year in Phoenix and 1.2 percentage points in San Francisco, though it increased 0.5 percentage points in Detroit in the year. The unemployment rate dropped 0.3 percentage points in Minneapolis in the year.The 10-city index in November was down 30.1 percent from its June 2006 peak, and the 20-city index is down 29.4 percent from its July 2006 peak._Hear Mark Lieberman Friday on P.O.T.U.S. radio, Sirius-XM 124, at 8:45 a.m. and again at 11:45 a.m. Eastern time._last_img read more

In a glittering ceremony in Geneva the annual Gra

first_imgIn a glittering ceremony in Geneva, the annual Grand Prix d’Horlogerie celebrated the best achievements in watchmaking of 2009, as chosen by a panel of select judges.The “L’Aiguille d’Or” grand prize (the “Golden Hand”) was presented to A. Lange & Söhne for Lange Zeitwerk. Piaget picked up the Ladies’ Watch Prize for their Limelight Twice watch.Men’s Watch Prize went to Audemars Piguet for the high-frequency, manual-winding Jules Audemars wristwatch with AP escapement, while the Design Watch Prize was awarded to Harry Winston for the Opus 9. The Jewelery Watch Prize went to Jean-Claude Biver for his Hublot Black Caviar timepiece.Tourbillon specialist Greubel Forsey received the Complicated Watch award for the Double Tourbillon 30°, and watch innovator Richard Mille took home the Sports Watch Prize for his RM 025 Diver’s Watch.The honor of Best Watchmaker went to M. Anthony Randall. Fawaz Gruosi shone in a trying year, and was duly recognized with the Public Prize for de Grisogono’s Meccanico dG N03 Titane, as chosen by public vote.For full results, visit read more