Lots of economic reports important to housing coming today
A heavy load of economic statistics that affect housing markets is due out Tuesday morning, part of a week heavy on housing stats.
The Standard & Poor’s/Case-Shiller Home Price Index for December comes out at 9 a.m. This has been a steady bearer of bad news, last month reporting that prices in the Washington metro area fell 2.4 percent from October to November, and 19.4 percent for the year.
Then the Federal Housing Finance Agency will release its house price index for the fourth quarter at 10 a.m. The agency’s previous report, issued in late November and covering the July-September quarter, showed that single-family sales prices had fallen 1.8 percent from the second quarter, the largest decrease in the 17-year history of the index. The agency also reported that prices fell 6 percent in the third quarter compared with a year earlier.
The Conference Board also will report on consumer confidence Tuesday morning. While not strictly a housing-market statistic, there are few actions a consumer can take that require greater confidence than buying a home, and this index can hint at which direction home sales may take. The Conference Board’s last report, in January, showed the index was 37.7, which they called a “historic low.”
We’ll report on the numbers shortly after they’re released.
February 24, 2009; 6:00 AM ET
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