If you heard something odd last night, something eerily similar to the shrieking of a pack of wild hell hounds – through pain or rage, perhaps both – then what you heard was the sound of The Legions. That is, the legions of undead US pessimists.
You see, S&P/Case-Shiller released their house price index last night. It rose 1.2 per cent in February following a 1 per cent gain the month prior, to be 9.3 per cent higher annually. It cannot be!