Tuesday is Next S&P/Case-Shiller Release on Home Prices

The Tuesday September 27 release of the S&P/Case-Shiller Home Price Indices, covering July 2011, may offer a brief respit from worries over the European debt crisis. Recent housing news is mixed with single family housing starts dropping 1.4% in August compared to July and remaining far below levels needed for household formation over the long run. Sales data looks better. Sales of new home in July were up 6.8% from July, 2010 and sales of existing homes in August were up 7.7% from August 2010.  The Fed’s recently announced “operation twist” designed to reduce long term interest rates while allowing short term interest rates to creep up is expected to push some mortgages under 4%.  However, early press reports suggest that this will most help some current home owners refinances their mortgages and won’t spark much buying. Other press reports confirm that some potential buyers continue to find qualifying for mortgages difficult.

Some key items to look for in Tuesday’s S&P/Case-Shiller report will be any cities making new lows, how many are up month to month or improve year to year. July is still the summer selling season so big tests of home prices may be further in the future.

The posts on this blog are opinions, not advice.
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  1. Kenny says:

    Do we have any breakdowns, in terms of prices, with the numbers for July and August? Curious to see if there are significant sales for houses above 500k – which will need a jumbo loan. Also, what percentage are related to short sale or foreclosure?

    • Dave Guarino says:

      We just published the July data for the Indices yesterday, so we don’t yet have August data. If you visit http://www.homeprice.standardandpoors.com you will see a link to our tiered price indices broken out by low-, middle- and high-price tiers for each MSA. We do not have the percentages related to short sales or foreclosures as the S&P/Case-Shiller Home Price Indices only capture those arms-length transactions that occur on the open market.
      – Dave

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