2013 Economic Calendar
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S&P Corelogic Case-Shiller HPI  
Released On 5/28/2013 9:00:00 AM For Mar, 2013
PriorPrior RevisedConsensusConsensus RangeActual
20-city, SA - M/M1.2 %1.3 %1.0 %0.6 % to 1.5 %1.1 %
20-city, NSA - M/M0.3 %0.3 %0.7 %0.3 % to 1.2 %1.4 %
20-city, NSA - Yr/Yr9.3 %9.4 %10.2 %9.5 % to 10.6 %10.9 %

Home prices were accelerating strongly going into what proved to be a very strong April start to the Spring housing season. Case-Shiller 20-city data show a very strong 1.1 percent monthly adjusted increase in March home prices for a fourth straight gain over 1.0 percent which is the strongest run since the boom days of 2005. The year-on-year increase of 10.9 percent is the first double-digit gain since May 2006.

Price data in last week's April reports for both new home sales and existing home sales show recovery-best gains and even record gains, gains tied to lack of homes on the market. Price data for these reports are not based on repeat transactions, unlike Case-Shiller data that confirm strong gains going into April.

Unadjusted data, which are subject to strong monthly seasonal effects, show a 1.4 percent 20-city jump vs a March gain of 0.3 percent. Note that housing activity picks up sharply as weather warms up, reflected here in the unadjusted March to April comparison. The year-on-year unadjusted rate, which is much less subject to seasonal effects, shows the same 10.9 percent gain as the adjusted series.

Appreciation for home prices is increasingly living up to its advanced billing for 2013, emerging as a major plus for homeowner equity and a major plus for consumer confidence and hopefully consumer spending. Today's report should be a solid plus for the Dow. The next big housing report on the Econoday calendar is Thursday with pending home sales which will offer indications on upcoming existing home sales.

Consensus Outlook
The S&P/Case-Shiller 20-city home price index (SA) gained 1.2 percent for February which followed a 1.0 percent boost in the prior month. The year-on-year rate, at an adjusted plus 9.4 percent, was the highest since May 2006. Another significant monthly increase is expected for March, especially given last week's FHFA increase for March of 1.3 percent.

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

2013 Release Schedule
Released On: 1/292/263/264/305/286/257/308/279/2410/2911/26
Release For: NovDecJanFebMarAprMayJunJulAugSep

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