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Case Shiller Housing Index

Recent data suggests that the U.S. housing market is in recovery. However, the data also shows this to be an uneven recovery.
According to the monthly S&P/Case-Shiller Index, for example, home values rose in three of 20 tracked markets between December 2011 and January 2012. 17 tracked markets showed home prices still in decline.
It's easy to point to the Case-Shiller Index as evidence that the housing market in Minnesota has yet to bottom, but we have to consider the Case-Shiller Index's shortcomings -- specifically in a recovering economy.
For example, the Case-Shiller Index is based on changes in home prices of a single home, through successive sales. This means that to calculate its home price index, the Case-Shiller searches for sales of the same home over a period of time and calculates the difference in contract price. 
This methodology can distort the home price tracker downward during times of weak economy because there is no distinction made for homes sold in foreclosure or as a short sale.
35% of all homes sold in January were "distressed", says the National Association of REALTORS®.
Another distortion in the Case-Shiller Index is that the model neglects all home types that are not ... more

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