Highlights
Home prices are continuing to erode with no meaningful signs of a turnaround in the offing. This is the conclusion of the Case-Shiller report where in November, for the third straight month, the composite-20 index fell a sizable 0.7 percent (October revised). All but 3 of the 20 cities show monthly contraction. The year-on-year rate of contraction for the composite-20 deepened slightly to minus 3.7 percent from minus 3.4 percent.

Unadjusted data are focused on in this report and tell a story of greater monthly weakness, greater weakness tied to weather effects. The unadjusted composite-20 index is down 1.3 percent for a second straight month (October revised) with 19 of 20 cities showing declines. Year-on-year, the unadjusted rates in November and October are the same as the adjusted rates.

Falling prices are a major factor that's helping to lift housing sales from depressed levels. But at the same time, lower prices are a major negative for existing home owners, trapping many with negative equity and limiting resale options.

Market Consensus before announcement
The S&P/Case-Shiller 20-city home price index (SA) fell 0.6 percent in October following a revised 0.7 percent decline in September and a 0.4 percent decline in August. On an unadjusted basis, contraction steepened from a revised 0.7 percent in September to 1.2 percent in October. The deeper monthly contraction here likely reflects, at least in part, the dampening effects on demand from seasonally colder weather. In some parts of the U.S., atypically early snow storms in October likely hurt demand.

2012 Release Schedule

Released On: 1/31 2/28 3/27 4/24 5/29 6/26 7/31 8/28 9/25 10/30 11/27 12/26 Release For: Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct