The FHFA house price index for August was released late today (GSE loans). FHFA House Price Index Up 0.7 per cent in August:
U.S. house prices rose 0.7 per cent on a seasonally adjusted basis from July to August, according to the Federal Housing Finance Agency’s monthly House Price Index (HPI). The previously reported 0.2 per cent increase in July was revised downward to a 0.1 per cent increase. For the 12 months ending in August, U.S. prices rose 4.7 per cent. The U.S. index is 15.9 per cent below its April 2007 peak and is roughly the same as the June 2004 index level.
This was above the consensus of a 0.4% increase in August.
• At 7:00 AM ET, the Mortgage Bankers Association (MBA) will release the mortgage purchase applications index.
• At 9:00 AM, the Markit US PMI Manufacturing Index Flash will be released. This is a new release and might provide hints about the ISM PMI for October. The consensus is for a reading of 51.5, unchanged from September.
• At 10:00 AM, New Home Sales for September will be released by the Census Bureau. The consensus is for an increase in sales to 385 thousand Seasonally Adjusted Annual Rate (SAAR) in August from 373 thousand in August. Watch for possible upgrades to the sales rates for previous months.
• At 2:15 PM, the FOMC Meeting statement will be released. No significant changes are expected. I posted a FOMC preview yesterday.