The Case-Shiller housing number is always a pretty interesting report, as it’s the gold standard of home price indices.
We’re probably even more interested in it today’s, than normal, however, because so many people are getting more bullish on housing (something that’s manifested itself in a stunning 35% gain in the homebuilding ETF).
We’re curious whether something similar is happening in prices, and whether the year-over-year price declines are really starting to abate for real.
Here’s Nomura’s 5-second forecast:
Case-Shiller house prices: We expect the Case-Shiller 20-city home price index to show a 3.8% decline on a year-over-year basis in August. Taking into account variations in other home price indices over the June-August period, which have already been reported by private research firms such as Zillow.com and Core Logic, the year-over-year change rate of the index likely improved in August from -4.1% in July.
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