by Wolf Richter
Wolf Street
Rate-Cut Mania died, mortgage rates re-jumped to 7.5% today, but here’s what home prices did during Rate-Cut Mania.
The brief and now bygone era of Rate-Cut Mania. Today’s S&P CoreLogic Case-Shiller Home Price Index, dubbed “February,” is a three-month moving average of home prices whose sales were entered into public records in December, January, and February. Today’s data therefore reflects Rate-Cut Mania that lasted from the beginning of November until February 13, when the Consumer Price Index showed with brutal frankness that inflation was rearing its ugly head again.