Monday, January 28, 2013

Tuesday: Case-Shiller House Prices

by Bill McBride on 1/28/2013 08:58:00 PM

From the WSJ: Bank 'Stress Tests' to Be Released Over 2 Days

The Federal Reserve said Monday that it will release the results of the latest "stress tests" for the nation's 19 largest banks over two separate days in March.
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The Fed said it will release on March 7 scores assessing how banks would hold up under deteriorating economic and financial-market conditions. On March 14, the Fed will reveal whether the 19 banks will be permitted to repurchase stock or pay dividends.
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Unlike previous years, banks whose dividend or share-buyback plans would cause them to fail the central bank's test will essentially be allowed a mulligan, giving them the chance to pare back or alter their plan to meet Fed thresholds before the official results are released.
Here is the Federal Reserve press release.

Tuesday economic releases:
• At 9:00 AM ET, S&P/Case-Shiller House Price Index for November. Although this is the November report, it is really a 3 month average of September, October and November. The consensus is for a 5.8% year-over-year increase in the Composite 20 index (NSA) for November. The Zillow forecast is for the Composite 20 to increase 5.3% year-over-year, and for prices to increase 0.4% month-to-month seasonally adjusted.

• At 10:00 AM, Conference Board's consumer confidence index for January. The consensus is for the index to be unchanged at 65.1.

• Also at 10:00 AM, the Q4 Housing Vacancies and Homeownership report from the Census Bureau will be released. This report is frequently mentioned by analysts and the media to report on the homeownership rate, and the homeowner and rental vacancy rates. However, this report doesn't match other measures (like the decennial Census and the ACS) and this survey probably shouldn't be used to estimate the excess vacant housing supply.

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