October Case-Shiller Home Price Index
-20-city, Seasonally Adjusted, Month/Month -0.6%
-20-city, Not Seasonally Adjusted, Month/Month -1.2%
-20-city, Not Seasonally Adjusted, Year/Year -3.4%
Housing market data has been interesting of late. Last week, NAR admitted that the past 5 years of Existing Home Sales were inflated, making the most recent data better than the previous data only because the previous data was revised down. There was a modest rise in Housing Starts last month but if today’s data is accurate it was at the expense of prices. Only when the inventory and shadow inventory of foreclosures is cleared will the housing market start making sense on a national level. On a local level, opportunities always exist.
Consumer Confidence 64.5, previous was 56.0, consensus was 59.0. Much of this is attitude regarding the jobs market. With the Unemployment Rate declining but the Labor Participation Rate also declining the view of the jobs market may not be fact-based.
Richmond Fed Manufacturing Index
-Level was +3, previous was flat, consensus was +5
Dallas Fed Manufacturing Survey
-Business Activity Index -3.0. Previous was 3.2, consensus was 5.0.