Valuing Homes ex-Foreclosures
Here's a little bit of pushback on the indices showing how terribly elevated home prices are, and why they likely have more to fall.
The WSJ Numbers Guy column, written by Carl Bialik, looks at various indices -- Case Shiller,
OFHEO FHFA, etc. As the charts at bottom reveal, they all show a boom, elevated prices and a rollover.
"The one point of widespread agreement in the real-estate industry is that there is no single accurate index of home prices. They are all over the map, cover different sets of homes and may exclude parts of the country or be unduly influenced by the mix of homes sold in a given month.