2013 Economic Calendar
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FHFA House Price Index  
Released On 1/23/2013 9:00:00 AM For Nov, 2012
PriorConsensusConsensus RangeActual
M/M change0.5 %0.7 %0.3 % to 0.9 %0.6 %
Y/Y change5.6 %5.6 %

Highlights
Home price indications continue to move higher. The latest FHFA price index is up 0.6 percent in data for November. This is the strongest rise since June. Gains in the month are led by the Mountain region, surging 2.1 percent, with the East North Central lagging, down 1.0 percent.

The year-on-year rate of plus 5.6 percent is at its highest level since the bubble days of 2006. Today's report is a reminder that a rise in home prices is widely expected to be a highlight of the 2013 economy. Next data on home prices will be in Friday's new home sales report where year-on-year readings, though volatile, have been especially strong, in the mid-teens.

Consensus Outlook
The FHFA purchase only house price index gained 0.5 percent in October after remaining virtually unchanged in September. On the year, the index was up 5.6 percent after increasing 4.1 percent the month before. Regionally prices continue to be mixed. For the nine census divisions, seasonally adjusted monthly price changes on the month ranged from minus 1.3 percent in the Middle Atlantic division to plus 2.0 percent in the Pacific division.

Definition
The Federal Housing Finance Agency (FHFA) House Price Index (HPI) covers single-family housing, using data provided by Fannie Mae and Freddie Mac. The House Price Index is derived from transactions involving conforming conventional mortgages purchased or securitized by Fannie Mae or Freddie Mac. In contrast to other house price indexes, the sample is limited by the ceiling amount for conforming loans purchased by these government-sponsored enterprises (GSE). Mortgages insured by the FHA, VA, or other federal entities are excluded because they are not "conventional" loans. The FHFA House Price Index is a repeat transactions measure. It compares prices or appraised values for similar houses.  Why Investors Care
 
[Chart]
The FHFA Home Price Index captures price data for an important segment of the housing market - home purchases with mortgages financed or bundled by federal housing agencies. However, this HPI does not cover high end housing.
Data Source: Haver Analytics
 
 

2013 Release Schedule
Released On: 1/232/263/214/235/236/257/238/229/2410/2311/2612/24
Release For: NovDecJanFebMarAprMayJunJulAugSepOct
 


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