Case-Shiller Home Price Index Falls -0.12 Percent (SA) For June (Home Price Growth Remains 2x Wage Growth)

The S&P Case-Shiller Home Price index fell 0.12% in June on a seasonally adjusted basis.

caseshsa

On a non seasonally adjusted basis, the Case-Shiller index rose by 0.09% MoM and 4.49% YoY.

csjune

Home Price Growth remains >2x average wage growth.

csyoywage

csyoywage

The Dude must find his rent skyrocketing in Venice, California.

big-lebowski-624x420

Simply Unaffordable: Renting In The USA Is The Most Expensive In History (San Francisco Leads Nation)

Living in the USA has never been less affordable, according to Zillow.

Americans living in rentals spent almost a third of their incomes on housing in the second quarter, the highest share in recent history.

Rental affordability has steadily worsened, according to a new report from Zillow, which tracked data going back to 1979. A renter making the median income in the U.S. spent 30.2 percent of her income on a median-priced apartment in the second quarter, compared with 29.5 percent a year earlier. The long-term average, from 1985 to 1999, was 24.4 percent.

Rental affordability worsened from a year earlier in 28 of the 35 largest metropolitan areas covered by Zillow. Rents were least affordable in Los Angeles, where residents devoted 49 percent of monthly income to rent. The share in San Francisco was 47 percent, 45 percent in Miami, and 41 percent in the New York metro area.

bloombergchartrent

This is not that surprising when you consider that the CPI Urban Consumers Owners Equivalent Rent of Residences is growing at a slower pace YoY than average wage growth.

cpirent

And homeownership rates keep on falling.

hownmpur

Effective rent growth has been climbing but is expected to decline in 2016.

effrentsysa

San Francisco leads the nation in effective rent growth for 2015 with Oakland, Seattle and New York following closely.

aptfdngx

Simply unaffordable.

lebowskiball1