Here Comes The Case-Shiller Home Price Index...

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The S&P/Case-Shiller home price index for January is out at 9 a.m. ET.

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Economists polled by Bloomberg are looking for home prices to rise 0.8 per cent month-over-month (mum), and 7.85 per cent year-over-year.

This compares with a 0.88 per cent mum and 6.84 per cent YoY rise in the 20-city index in December.

Economists have been cranking up their home price forecasts. Bank of America and Capital Economics now expect home prices to rise 8 per cent in 2013.

Bank of America’s Michelle Meyer and Justin Borst say that a “positive feedback loop has begun”. They argue that when people think home prices are rising, they think they will keep doing so and  credit conditions will improve, and this in increases demand for homes.

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