MBS MORNING: Marginal Improvements After Housing Data
December 29, 2009 – 6:41 amPosted To: MBS Commentary
The S&P/Case-Shiller Home Price Index has been released. The 20 city home price index was +0.00% in October. Worse than estimates of +0.2%.On a year over year basis the 20 city index is down 7.3%. The 10 city home price index was also unchanged in October. On a year over year basis the 10 city index is 6.4% lower. The west coast carried the load while home prices on the east coast were a drag. This is the first time since April that the S&P/Case-Shiller HPI has not shown a month over month gain, likely a function of fading summertime seasonal support. Plus the data was slightly worse than expected on a month to month basis. Year over year home price declines were expected. While the overall theme provided by econ data is still supportive of a slow recovery in the housing market....the...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.