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Thursday, September 22, 2011

House Price Indexes show smaller price increases in July

by Calculated Risk on 9/22/2011 04:55:00 PM

The Case-Shiller House Price index for July will be released Tuesday. Here are a few other indexes:

• FNC: Home Prices Begin to Lose Momentum; Up 0.1% in July

Based on the latest data on non-distressed home sales (existing and new homes), FNC’s Residential Price Index™ (RPI) indicates that single-family home prices were up slightly in July to a seasonally unadjusted rate of 0.1%, following a strong performance in June that saw a 1.1% increase in a single month. As a gauge of underlying home value, the RPI excludes sales of foreclosed homes, which are often sold with large price discounts due to poor property conditions.
The FNC index tables for three composite indexes and 30 cities are here.

• CoreLogic reported earlier this month for July: Home Price Index increased 0.8% in July
July Home Price Index (HPI) which shows that home prices in the U.S. increased for the fourth consecutive month, inching up 0.8 percent on a month-over-month basis.
• The FHFA reported this morning: FHFA House Price Index Up 0.8 Percent in July

• From RadarLogic today As We Pass the Seasonal Peak in Home Prices, Signs Point to Trouble Ahead
In July, the 25-MSA RPX Composite price remained essentially unchanged on a month-over-month basis, but declined year over year for the 13th month in a row.
Last month, we predicted that the S&P/Case-Shiller 10-City composite for June 2011 would be about 156 and the 20-City composite would be roughly 142. In fact, the 10-City composite was 154.88 and the 20-City composite was 141.30.

This month, we expect the S&P/Case-Shiller composite indices to increase about one percent month over month, but to remain about three percent below their July 2010 levels. The July 2011 10-City composite index will be about 156, and the 20-City index will be roughly 143.
The consensus is that prices increased in July, but that prices will start falling again soon.

S&P 500And there was another big move in the stock market today.

Here is a graph (click on graph for larger image) from Doug Short.

Pretty wild swings over the last couple of months!