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Tuesday, February 22, 2011

S&P Case-Shiller HPI

We're starting the morning off with home prices. We don't have any analyst expectations (or, at least, none that are being reported by Econoday), so let's just move on to the results.
According to the press release, home prices are still trending downward. The Composite-10 is down 0.9% for December (down 1.2% for the year), and the Composite-20 is down 1.0% for December (down 2.4% for the year). Washington is the only Metropolitan Area with positive growth (up 0.3% for the month and 4.1% for the year), although San Diego manages to be a second MSA with positive yearly growth (up 1.7%, but down 0.7% for the month). This is actually the lowest annual growth rate since Q3 2009, and "11 markets - Atlanta, Charlotte, Chicago, Detroit, Las Vegas, Miami, New York, Phoenix, Portland (OR), Seattle and Tampa - hit their lowest levels since home prices peaked in 2006 and 2007."
So, yeah. Not great. But right now, the markets are holding their breath to see how consumer confidence will look at 10 AM. I'll be back with the results around then.
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