2011 Economic Calendar
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S&P Corelogic Case-Shiller HPI  
Released On 11/29/2011 9:00:00 AM For Sep, 2011
PriorPrior RevisedConsensusConsensus RangeActual
20-city, SA - M/M0.0 %-0.7 %-0.1 %-0.2 % to 0.2 %-0.6 %
20-city, NSA - M/M0.2 %-0.6 %
20-city, NSA - Yr/Yr-3.8 %-3.0 %-3.2 % to -2.7 %-3.6 %

Evidence is building fast that home prices are falling into deepening contraction, the likely result of distressed sales tied to foreclosures. Case-Shiller data for September show a very heavy 0.6 percent monthly decline for the both adjusted and unadjusted 20-city indexes. These are three-month averages which indicate an especially severe decline for September alone. In a mild offset, contraction in year-on-year rates moderated slightly to minus 3.6 percent, again for both the adjusted and unadjusted 20-city indexes.

Home prices in Atlanta appear to be plunging, down a monthly adjusted 4.1 percent in September -- again, this is not a year-on-year reading. The decline follows monthly drops in Atlanta of 3.0 percent in August and 1.1 percent in July. Atlanta, together with Phoenix and Las Vegas, are posting new crisis lows though the report is confident that for the nation as a whole, the price collapse of 2007 through 2009 will not be repeated.

Falling home prices are a heavy load on home owners, preventing some from selling their homes and forcing some into financial distress. One upside, as seen in recent data on new and existing homes, is that lower prices, together with extremely low interest rates, are giving a very welcome boost to sales. At 10:00 a.m. ET this morning, the Federal Housing Financing Agency will post its home-price data.

Consensus Outlook
The S&P/Case-Shiller 20-city home price index (SA) showed no change in August. The reading ended three prior months of 0.1 percent declines. Given that this index is based on a three-month-moving average, it suggests incremental improvement in the underlying data for August. The unadjusted reading was plus 0.2 percent versus plus 0.9 percent and plus 1.1 percent in the two prior months.

The S&P Corelogic Case-Shiller home price index tracks monthly changes in the value of residential real estate in 20 metropolitan regions across the nation. Composite indexes and regional indexes measure changes in existing home prices and are based on single-family home resales. Condominiums and co-ops are excluded as is new construction.  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

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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