In August, the S&P/Case-Shiller home price composite 20-city unadjusted index increased 0.2% over the previous month, which came in well below the 0.9% rise observed in July and undershot market expectations, which had home prices rising 0.4%. The reading reflects the end of the spring-summer period, which usually sees stronger demand for houses. On year-on-year terms, home prices have dropped 3.8% which, nevertheless, represents an improvement compared to the 4.2% decline tallied in July. In that vein, S&P stated ?that monthly increases in prices had to be paired with improvement in annual rates before anyone could declare that the market might be stabilizing. With 16 out of 20 cities and both Composites seeing their annual rates of change improve in August, we see a modest glimmer of hope with these data.? Furthermore, in an attempt ease pressure on the housing market and boost consumption, the Obama administration has announced a modification to the Home Affordable Refinance Program (HARP), which would allow homeowners that are up to date with their mortgages to refinance their loans without a negative equity limitation.
United States Housing
Home prices rise for the fifth month in a row
October 25, 2011
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United States Economic News
United States: Clinton’s lead over Trump widens but presidential election results are still uncertain
October 20, 2016
Only a few weeks ahead of the 8 November presidential elections, major polls suggest that Hillary Clinton has extended her lead over Donald Trump, but the presidential race will be decided in the most fiercely contested states.
October 14, 2016
In September, nominal retail sales expanded 0.6% over the previous month.
October 7, 2016
Non-farm payrolls grew 156,000 in September, which came in below August’s upwardly-revised increase of 167,000 (previously reported: +151,000).
October 3, 2016
The ISM manufacturing index increased more than expected in September and returned to expansionary territory, after a temporary setback in August.
September 27, 2016
The S&P/Case-Shiller 20-city home composite index rose 0.6% in July over the previous month.