Whitney Tilson has another take on the August Case-Shiller numbers, which sent housing bulls into spasms of glee a few days ago.

The sequential increase in prices in August was less than the sequential increase in July.  This, Whitney believes, is the start of the seasonal downturn that will take house prices down another 10%-15% by the middle of next year.

Whitney’s chart shows the typical sequential pattern, which has monthly growth peaking in the spring and early summer and then turning down:


You can download Whitney’s (huge and excellent) presentation on the housing market here >.  Check out the top download on the right.