2011 Economic Calendar
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S&P Case-Shiller HPI
Released On 8/30/2011 9:00:00 AM For Jun, 2011
PriorPrior RevisedActual
20-city, SA - M/M-.1 %-0.2 %-.2 %
20-city, NSA - M/M1.1 %1.2 %
20-city, NSA - Yr/Yr-4.5 %-4.4 %
10-city, not SA - M/M change1.1 %1.0 %1.1 %
10-city, Seas. Adj. - M/M change0.1 %0 %0.0 %
10-city, not SA - Yr/Yr change-3.6 %-3.9 %-3.8 %

Highlights
Home prices were trending flat in June with Case-Shiller's adjusted composite 10 index, which is a three-month average, holding unchanged for a second straight month (prior month revised from plus 0.1 percent). The composite 20 index edged 0.1 percent lower for a second straight month with 11 of the 20 cities showing declines in June. Seasonality is at play during spring and summer which is a strong time for home sales and, in what is a mild positive, seasonality is also at play this year as well. Unadjusted data show 1.1 percent gains for both the composite 10 and composite 20 indexes during June following 1.0 percent gains for both in May.

In contrast to month-to-month comparisons, year-on-year comparisons are less affected by seasonality with the adjusted composite 10 down 3.9 percent vs minus 3.8 percent for the unadjusted composite 10. The composite 20 shows deeper contraction at an adjusted minus 4.6 percent and an unadjusted minus 4.5. The trends for the report's year-on-year rates have been flat to slightly negative.

Weak home prices remain yet another negative for the American consumer whose foremost battle however is with the soft jobs market. Watch for comments on housing in today's FOMC minutes followed by construction spending data on Thursday.

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
 
[Chart]
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
 

 

2011 Release Schedule
Released On: 1/252/223/294/265/316/287/268/309/2710/2511/2912/27
Release For: NovDecJanFebMarAprMayJunJulAugSepOct
 


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