2011 Economic Calendar
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FHFA House Price Index  
Released On 9/22/2011 10:00:00 AM For Jul, 2011
PriorPrior RevisedConsensusConsensus RangeActual
M/M change0.9 %0.2 %0.1 % to 0.5 %0.8 %
Y/Y change-4.3 %-4.5 %-3.3 %

Housing prices in the moderate price range appear to be firming. The FHFA home price index in July rose for the fourth month in a row, advancing 0.8 percent after a 0.7 percent increase the prior month (originally up 0.9 percent). The FHFA house price index covers mortgages financed by or bundled by federal housing agencies.

On a year-on-year basis, the FHFA HPI is down 3.3 percent, compared to down 4.5 percent in June.

Eight of the nine Census Divisions gained in July, showing widespread improvement. For the nine Census Divisions, seasonally adjusted monthly price changes for month-ago July ranged from minus 0.4 percent in the South Atlantic Division to plus 3.6 percent in the West North Central Division.

The next update on home prices is with the Case-Shiller home price index out on Tuesday, September 27.

Consensus Outlook
The FHFA purchase only house price index rose a surprisingly strong 0.9 percent in June following a 0.4 percent increase in May. The year-on-year rate improved for a second straight month, to minus 4.3 percent compared to minus 6.2 in May and minus 6.3 percent in April.

The Federal Housing Finance Agency (FHFA) House Price Index (HPI) covers single-family housing, using data provided by Fannie Mae and Freddie Mac. The House Price Index is derived from transactions involving conforming conventional mortgages purchased or securitized by Fannie Mae or Freddie Mac. In contrast to other house price indexes, the sample is limited by the ceiling amount for conforming loans purchased by these government-sponsored enterprises (GSE). Mortgages insured by the FHA, VA, or other federal entities are excluded because they are not "conventional" loans. The FHFA House Price Index is a repeat transactions measure. It compares prices or appraised values for similar houses.  Why Investors Care
The FHFA Home Price Index captures price data for an important segment of the housing market - home purchases with mortgages financed or bundled by federal housing agencies. However, this HPI does not cover high end housing.
Data Source: Haver Analytics

2011 Release Schedule
Released On: 1/252/243/224/215/256/227/218/249/2210/2511/2912/22
Release For: NovDecJanFebMarAprMayJunJulAugSepOct

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