Econoday Economic Report: S&P Case-Shiller HPI April 24, 2012

2012 Economic Calendar

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S&P Case-Shiller HPI

Released On 4/24/2012 9:00:00 AM For Feb, 2012

	Prior	Prior Revised	Consensus	Consensus Range	Actual
20-city, SA - M/M	0.0 %	0.2 %	0.1 %	-0.3 % to 0.2 %	0.2 %
20-city, NSA - M/M	-0.8 %	-1.0 %			-0.8 %
20-city, NSA - Yr/Yr	-3.8 %	-3.9 %	-3.3 %	-3.7 % to -3.1 %	-3.4 %

Highlights
Home prices showed mild improvement in February as the seasonally adjusted Case-Shiller composite 20 city index rose a monthly 0.2 percent, following a 0.1 percent dip the prior month (originally flat). The year-on-year rate (unadjusted) improved to minus 3.5 from a revised minus 3.9 in February.

As usual, the numbers vary sharply by city. On the plus side, Phoenix continued a string of pluses, rising 2.1 percent in the latest month. Miami and Minneapolis also are having a nice run upward. On the downside, Atlanta continued its slide, dipping 2.0 percent in February. Also with negative consecutive strings are Chicago, New York, and Cleveland.

Market Consensus before announcement
The S&P/Case-Shiller 20-city home price index (SA) posted at unchanged in January, following a 0.5 percent drop in December. This index had declined five months in a row. Since the start of the recent downturn in June 2010, this index has fallen in 17 of the last 20 months. Improvement was seen in the year-on-year rate which at minus 3.8 percent was two tenths better than December and one tenth better than November.

Definition
The S&P/Case-Shiller home price index tracks monthly changes in the value of residential real estate in 20 metropolitan regions across the U.S. The composite indexes and the regional indexes are seen by the markets as measuring changes in existing home prices and are based on single-family home re-sales. The key composite series tracked are for the expanded 20-city composite indexes. The original series (still available) covered 10 cities. A national index is published quarterly. The indexes are based on single-family dwellings with two or more sales transactions. Condominiums and co-ops are excluded as is new construction. The data are compiled for S&P by Fiserv, Inc. The S&P/Case-Shiller Home Price Indices are published monthly on the last Tuesday of each month at 9:00 AM ET. The latest data are reported with a two-month lag. For example data released in January 2008 were for November 2007. Why Investors Care

The Case-Shiller Home Price Index is based on repeat transactions. That is, appreciation or depreciation is for same houses resold. This index is probably the best measure of changes in home prices. While it covers the gamut of types of houses sold, it is limited to metropolitan areas.
Data Source: Haver Analytics

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

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Actual Data Source: Haver Analytics