We have been waitin g for the persistently high interest rates, and the questions about America’s future to dig in and start eating the bottom out of the American Dream of Home Ownership.

Today, the wait is….slowly coming into view:

“. The leading measure of U.S. home prices recorded a 3.9% annual gain in February 2025, a slight decrease from the previous reading in January 2025. “

Year on Year

“The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 3.9% annual return for February, down from a 4.1% annual gain in the previous month. The 10-City Composite saw an annual increase of 5.2%, down from a 5.4% annual increase in the previous month. The 20-City Composite posted a year-over-year increase of 4.5%, down from a 4.7% increase in the previous month. New York again reported the highest annual gain among the 20 cities with a 7.7% increase in February, followed by Chicago and Cleveland with annual increases of 7.0% and 6.6%, respectively. Tampa posted the lowest return, falling 1.5%…

Month on Monday (which matters most, to our way of thinking…)

“The pre-seasonally adjusted U.S. National, 10-City Composite, and 20-City Composite Indices
presented slight upward trends in February, posting 0.4%, 0.8%, and 0.7% respectively.
After seasonal adjustment, the 10-City and 20-City Composite Indices posted month-over-month
increases of 0.5% and 0.4%. The U.S. National Composite Index posted a month-over-month increase of 0.3%…”

Which – as you can see – looks to us like it may be forming a top:

After the number, the Dow was trying to hold onto some delusion, but the S&P and the techs were rolling over.

Gold was down on prospects of inflation….but then again, silver was up, so everyone to the shrink couch and let’s seem if we can get more chemical assistance with life, shall we?

-ure