Econoday Economic Report: S&P Case-Shiller HPI December 26, 2012

2012 Economic Calendar

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S&P Case-Shiller HPI

Released On 12/26/2012 9:00:00 AM For Oct, 2012

	Prior	Prior Revised	Consensus	Consensus Range	Actual
20-city, SA - M/M	0.4 %		0.5 %	0.3 % to 0.8 %	0.7 %
20-city, NSA - M/M	0.3 %	0.2 %	-0.3 %	-0.5 % to 0.4 %	-0.1 %
20-city, NSA - Yr/Yr	3.0 %		4.1 %	3.5 % to 4.4 %	4.3 %

Highlights
Home prices continue to benefit from loose monetary policy and low mortgage rates as Case-Shiller's adjusted monthly reading for its 20-city index gained 0.7 percent in October, following a 0.4 percent increase the prior month. On an unadjusted basis the composite 20 index slipped 0.1 percent, following a 0.2 percent rise in September. On an unadjusted basis, demand typically eases in the autumn and winter months.

On a year-ago basis, the unadjusted 20-city composite was up an improved 4.3 percent versus 3.0 percent in September.

The bottom line is that the housing sector is gradually regaining health and homeowners are beginning to regain housing wealth lost over the past recession and early recovery months.

Market Consensus before announcement
The S&P/Case-Shiller 20-city home price index (SA) rose 0.4 percent in September following similarly solid gains of 0.5 percent and 0.3 percent in the two prior months. Improvement was really evident in the year-on-year rate which was up to plus 3.0 percent from plus 2.2 and plus 1.1 percent in the prior two months. Gains swept across nearly all 20 cities.

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