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Economy in Brief
UK Consumer Sentiment Hits Lowest Reading since 1996
(when the GFK survey began; also lowest reading 'ever')
Of these 13 readings eight of them declined on the month in May three of them improved and two of them were unchanged...
U.S. Existing Home Sales Continue to Fall in April as Houses Become Less Affordable
The combination of soaring home prices across the nation and rising interest rates is making homes less affordable...
U.S. Index of Leading Indicators Fell in April
Five of the index's components fell in April, one was unchanged and four increased...
U.S. Unemployment Claims Rose in the Latest Week
The state insured rates of unemployment in regular programs vary widely...
CBI Gauge in the UK Continues to Be Upbeat
The global economy has a lot of challenges...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
Profits and Margins Plunge In Q1: Expect More Margin Contraction As Fed Squeezes Inflation
The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation and Fed Policy: A Relationship which Should Worry the Fed and Scare Investors
Why Have the Yields on TIPS Been Negative in the Past Two Years?
by Tom Moeller August 30, 2011
The seasonally adjusted Case-Shiller 20-City Home Price Index slipped
another 0.1% during June following a like performance during May which was
little-revised. Nevertheless, during the last twelve months prices have
fallen 4.6% after rising modestly y/y twelve months ago. That left the
latest index level down by roughly one-third since the 2006 peak and equal
to the lowest since March, 2003. Not seasonally adjusted prices rose 1.1%
during June. The latest y/y decline of 4.6% matched Consensus
expectations, according to Bloomberg. The narrower 10 City Composite Home
Price Index of prices was unchanged during June (-3.9% y/y) after May's negligible
decline.
Price declines continued throughout the U.S. During the last twelve months, declines were most notable in Minneapolis (-10.9%), Portland (-9.6%), Phoenix (-9.3%), Chicago (-7.5%), Tampa (-7.0%) and Detroit (-6.6% y/y). More moderate price declines were logged in San Francisco (-5.4%), Miami (-5.1%), Dallas (-4.4%), New York (-3.6%), Los Angeles (-3.4%) and Denver (-2.6%). Prices fell 1.2% in Washington D.C. and earlier gains were revised away.
The Case-Shiller home price series is value-weighted, i.e., a greater index weight is assigned to more expensive homes. The S&P/Case-Shiller home price series can be found in Haver's USECON database and the city data highlighted below is in the REGIONAL database.
| S&P Case-Shiller Home Price Index (SA,%) | Jun | May | Apr | Jun Y/Y | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|
| 20 City Composite Index | -0.1 | -0.1 | 0.5 | -4.6 | 1.3 | -13.3 | -15.7 |
| Regional Indicators | |||||||
| Atlanta | -0.0 | -0.3 | 0.5 | -5.0 | -2.4 | -11.6 | -8.5 |
| Boston | 0.7 | 1.1 | -1.3 | -2.2 | 1.9 | -4.9 | -5.7 |
| Chicago | 1.3 | 0.6 | -0.6 | -7.5 | -3.7 | -14.2 | -10.0 |
| Charlotte | 0.9 | -0.5 | 0.1 | -4.1 | -3.4 | -8.2 | -1.9 |
| Cleveland | -0.3 | -0.6 | -0.5 | -6.2 | 0.7 | -4.8 | -7.3 |
| Dallas | -0.3 | -0.6 | -1.0 | -4.4 | 0.1 | -2.3 | -3.2 |
| Denver | -0.1 | 0.2 | -0.0 | -2.6 | 0.9 | -2.8 | -4.9 |
| Detroit | 0.2 | -1.4 | -0.1 | -6.6 | -3.4 | -21.3 | -17.9 |
| Las Vegas | -0.4 | -0.9 | -0.8 | -6.0 | -7.7 | -29.8 | -28.1 |
| Los Angeles | -0.3 | -0.3 | 0.1 | -3.4 | 5.3 | -15.4 | -24.2 |
| Miami | 0.1 | 0.7 | 0.2 | -5.1 | -2.1 | -22.0 | -26.5 |
| Minneapolis | 0.5 | 0.4 | 1.2 | -10.9 | 3.2 | -15.7 | -14.3 |
| New York | -0.1 | 0.4 | 1.0 | -3.6 | -1.6 | -9.8 | -7.4 |
| Phoenix | -0.6 | -0.8 | 0.1 | -9.3 | -0.3 | -28.0 | -27.5 |
| Portland | -0.8 | -0.2 | -0.7 | -9.6 | -3.2 | -12.8 | -6.6 |
| San Diego | -0.6 | -0.5 | -0.0 | -5.3 | 7.3 | -13.3 | -23.3 |
| San Francisco | -0.4 | 0.1 | 0.2 | -5.4 | 9.3 | -18.4 | -24.3 |
| Seattle | -0.1 | 0.2 | 0.1 | -6.4 | -3.6 | -14.3 | -7.3 |
| Tampa | 0.4 | -0.2 | -0.6 | -7.0 | -4.0 | -18.8 | -19.2 |
| Washington, D.C. | 0.9 | -0.5 | -0.5 | -1.2 | 4.7 | -10.8 | -15.7 |
