2017 Economic Calendar
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FHFA House Price Index  
Released On 11/28/2017 9:00:00 AM For Sep, 2017
PriorPrior RevisedConsensusConsensus RangeActual
M/M change0.7 %0.8 %0.6 %0.4 % to 0.7 %0.3 %
Y/Y change6.6 %6.7 %6.3 %

Home prices continued to rise in September in what, however, are mixed signals from this morning's FHFA and Case-Shiller reports. FHFA's house price index rose 0.3 percent which is just below Econoday's low estimate. The year-on-year rate of 6.3 percent is the lowest since January. Easing the impact of the short falls are 1 tenth upward revisions to August where the monthly gain is now an unusually strong 0.8 percent with the yearly gain at 6.7 percent. Case-Shiller's September data came in at the high end of expectations with a 0.5 percent monthly rise for the 20-city adjusted index and a year-on-year of 6.2 percent which is the best in 3-1/2 years.

Taking these two reports together, home prices appear to be steady at a roughly 6 percent annual rate which is rich in a low inflation, low interest rate economy. Details in FHFA data have the West North Central region leading September at a 0.9 percent monthly gain and the East South Central the only region in monthly contraction, at minus 0.4 percent. The Pacific region leads the year-on-year rate at 8.7 percent.

Consensus Outlook
Appreciation in home prices has been one of this year's best economic stories and proved unusually strong in August for the FHFA house price index which jumped 0.7 percent. Forecasters see the index nearly matching that strength in September with a consensus 0.6 percent gain.

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
The FHFA House 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

2017 Release Schedule
Released On: 1/252/233/224/255/246/227/258/229/2110/2511/2812/21
Release For: NovDecJanFebMarAprMayJunJulAugSepOct

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