2017 Economic Calendar
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FHFA House Price Index  
Released On 3/22/2017 9:00:00 AM For Jan, 2017
PriorConsensusConsensus RangeActual
M/M change0.4 %0.5 %0.4 % to 0.6 %0.0 %
Y/Y change6.2 %5.7 %

In an unusually weak showing, the FHFA house price index came in unchanged in January with year-on-year appreciation falling a steep 5 tenths to 5.7 percent. This is the weakest month-to-month showing in more than 4 years and the weakest year-on-year rate in 1-1/2 years.

The East South Central is bringing up the rear in the regional data, falling a monthly 2.0 percent for a yearly rate that is still safely positive at 3.5 percent. Top scores include a 0.6 percent monthly gain for the Pacific and an 8.3 percent yearly gain for the Mountain region.

This report had been posting some of the best rates of any price report on the calendar and, despite January's slowing, is still showing strength. Yet given how thin available housing supply is, the lack of significant price traction is surprising and ultimately points to limited strength in demand. Watch later this morning for price data in the existing home sales report and next Tuesday for the Case-Shiller report.

Consensus Outlook
Solid and predictable gains have been the rule for the FHFA house price index where the consensus is calling for a sizable 0.5 percent gain for January. Year-on-year, this index has been running above the 6 percent line in one of the best and most consistent economic performances on the calendar.

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 House 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

2017 Release Schedule
Released On: 1/252/233/224/255/246/227/258/229/2110/2511/2812/21
Release For: NovDecJanFebMarAprMayJunJulAugSepOct

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