2016 Economic Calendar
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S&P Corelogic Case-Shiller HPI  
Released On 2/23/2016 9:00:00 AM For Dec, 2015
PriorPrior RevisedConsensusConsensus RangeActual
20-city, SA - M/M0.9 %1.0 %0.8 %0.7 % to 1.2 %0.8 %
20-city, NSA - M/M0.1 %0.2 %0.1 % to 0.4 %0.0 %
20-city, NSA - Yr/Yr5.8 %5.7 %5.9 %5.7 % to 6.2 %5.7 %

Home-price appreciation rose 0.8 percent in December as Case-Shiller's 20-city index extends its run of strong monthly gains. But the year-on-year rate, however, slowed to plus 5.7 percent and a bit further away from the 6.0 percent line where, for instance, the FHFA index has been trending. Household wealth is increasingly dependent, not on wage gains, but on home-price appreciation, and some homeowners are looking for sharp appreciation this year, up to 10 percent. Watch for FHFA home prices on Thursday's calendar.

Consensus Outlook
Homes on the market are scarce which has been helping home prices where year-on-year appreciation is approaching 6 percent. The Case-Shiller adjusted 20-city index is expected to show a year-on-year rate of 5.9 percent in the December report for a 1 tenth gain with the month-on-month adjusted rate at a very strong plus 0.8 percent. Home prices aren't quite booming but they are well ahead of wages and a key source of increasing household wealth. Note that FHFA house price data will be released later in the week on Thursday morning.

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 U.S. Composite indexes and regional indexes measure changes in existing home prices and are based on single-family home re-sales. The expanded 20-city measure is the key series. 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 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 2016 are for November. Note that S&P, citing large seasonal swings in the housing sector and the risk of adjustment inaccuracies, urges readers to track unadjusted data in this report.  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

2016 Release Schedule
Released On: 1/262/233/294/265/316/287/268/309/2710/2511/2912/27
Release For: NovDecJanFebMarAprMayJunJulAugSepOct

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