2018 Economic Calendar
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FHFA House Price Index  
Released On 9/25/2018 9:00:00 AM For Jul, 2018
PriorPrior RevisedConsensusConsensus RangeActual
M/M change0.2 %0.3 %0.3 %0.2 % to 0.3 %0.2 %
Y/Y change6.5 %6.8 %6.4 %

Weakness in home prices is becoming a central negative for the 2018 economy. FHFA's house price index managed only a 0.2 percent gain in July, which is the weakest since March this year, with the year-on-year rate at 6.4 percent and the weakest since January last year.

Four of the nine census regions that are tracked in this report show monthly declines with the East South Central at the very rear, down 0.5 percent in the month followed by the Mid-Atlantic at minus 0.2 percent and New England and the West South Central at both minus 0.1 percent. The South Atlantic leads the pack, at a monthly 1.1 percent gain though the remaning regions show no better than flat to slightly positive results.

Year-on-year rates are led by the Mountain region at 8.7 percent with the Pacific at 7.9 percent and the South Atlantic at 7.3 percent. New England is at the bottom at 4.7 percent followed by the Mid-Atlantic at 5.1 percent.

Case-Shiller data, also released this morning, show similar weakness for a housing sector that increasingly appears to be a drag on overall economic growth.

Consensus Outlook
The FHFA house price index, like Case-Shiller's 20-city index, has missed Econoday's consensus for the past four months as home-price appreciation has gone south this year. The FHFA house price index has managed only very small gains the past four reports with a bit better gain, at 0.3 percent, the consensus for July vs June's 0.2 percent.

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

2018 Release Schedule
Released On: 1/242/273/224/245/246/217/248/239/2510/2411/2712/27
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