Skip to comments.Case-Shiller 20 City Composite Rose 2.3% MoM in June, Consumer Confidence Falls
Posted on 08/28/2012 11:27:37 AM PDT by whitedog57
The Case-Shiller house price indices were released this morning. The 20-City Composite posted an annual returns\ of +0.5% in June 2012. Month-over-month, average home prices in the 20-City Composite were up 2.3% versus May.
You can see the Case-Shiller 20 Composite (green) compared to recent prints by FNC (blue) and FHFA Purchase (gold).
For the second consecutive month, all 20 cities and both Composites recorded positive monthly gains. Eighteen of the 20 MSAs and both Composites posted better annual returns in June as compared to May 2012 only Charlotte and Dallas saw a deceleration in their annual rates.
As I have mentioned before, mortgage purchase applications are stuck in a rut and mortgage credit has fallen. So, I dont know how much oomph this summer recovery will have if the economy doesnt improve.
But consumer credit has rallied back to near its peak level pre-recession. Americans are borrowing to purchase consumer durables (e.g., autos) but less so with housing.
Confidence among U.S. consumers fell in August by the most in 10 months as households grew more pessimistic about their employment prospects and the economic outlook.
Is it time to withdraw the enormous Fed and Administration stimulus for housing? I would say yes.
(Excerpt) Read more at confoundedinterest.wordpress.com ...
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