2011 Economic Calendar
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S&P Case-Shiller HPI
Released On 12/27/2011 9:00:00 AM For Oct, 2011
PriorPrior RevisedConsensusConsensus RangeActual
20-city, SA - M/M-0.6 %-0.7 %-0.4 %-0.8 % to 0.0 %-0.6 %
20-city, NSA - M/M-0.6 %-0.7 %-1.2 %
20-city, NSA - Yr/Yr-3.6 %-3.5 %-3.1 %-3.5 % to -2.8 %-3.4 %

Highlights
Indications on home prices are for the most part trending downwards with Case-Shiller the latest to show contraction, at an adjusted 0.6 percent in October following a revised 0.7 percent decline in September and a 0.4 percent decline in August. For the unadjusted data, which in this series is closely watched, 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 colder weather. The year-on-year comparison, where seasonality plays much less of a factor than the month-on-month comparison, both the adjusted and unadjusted series show 3.4 percent contraction which in a mild positive is a little less severe than prior months.

But the year-on-year rate won't be improving much if monthly contraction continues to extend. A look at individual cities shows a break down in Atlanta where monthly rates of adjusted decline have been 4.1 percent, 4.8 percent and 2.9 percent the last three reports. At a year-on-year minus 11.7 percent, Atlanta is the only one of the report's 20 cities to show double-digit contraction. Other weak spots include Minneapolis, Los Angeles, and Chicago as well as Las Vegas and Miami.

Home sales have been firming and reports of life in the housing and construction-related sectors are picking up. But the gains are being made at the expense of price. Next data out of the housing sector will be mortgage applications tomorrow morning.

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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