2012 Economic Calendar
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S&P Case-Shiller HPI
Released On 5/29/2012 9:00:00 AM For Mar, 2012
PriorPrior RevisedConsensusConsensus RangeActual
20-city, SA - M/M0.2 %0.1 %0.3 %-0.2 % to 0.7 %0.1 %
20-city, NSA - M/M-0.8 %-0.8 %0.0 %
20-city, NSA - Yr/Yr-3.4 %-3.5 %-2.7 %-3.0 % to -2.0 %-2.6 %

Highlights
Home prices were on the rise in March and February, up 0.1 percent in March for the adjusted composite 20 index and up 0.2 percent in February. This is the first back-to-back monthly gain since the spring of 2010. The year-on-year rate of minus 2.6 percent is the best reading since December 2010. Phoenix is really on the rebound with Miami, Tampa, Minneapolis and Dallas all showing a run of stand-out strength. But Atlanta shows continued contraction as does Chicago and New York.

Unadjusted data show no monthly change in March and, like the adjusted data, minus 2.6 percent contraction for the year-on-year rate. Home prices may finally be moving up from the bottom, and more recent data on existing home sales show a sharp upward spike in prices underway, the result of fewer distressed properties on the market.

Market Consensus before announcement
The S&P/Case-Shiller 20-city home price index (SA) in February rose a monthly 0.2 percent, following a 0.1 percent dip the prior month. The year-on-year rate (unadjusted) improved to minus 3.5 from a revised minus 3.9 in February. As usual, the numbers vary sharply by city. On the plus side, Phoenix continued a string of pluses, rising 2.1 percent in the latest month. Miami and Minneapolis also are having a nice run upward. On the downside, Atlanta continued its slide, dipping 2.0 percent in February. Also with negative consecutive strings are Chicago, New York, and Cleveland.

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
 

 

2012 Release Schedule
Released On: 1/312/283/274/245/296/267/318/289/2510/3011/2712/26
Release For: NovDecJanFebMarAprMayJunJulAugSepOct
 


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