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☆ Home prices kept rising even as mortgage rates surged, S&P Case-Shiller says
▼ + stars: | 2023-11-28 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Higher mortgage rates appear to be doing very little to cool home prices. Nationally, prices were 3.9% higher in September compared with the same month a year earlier, up from a 2.5% annual gain in August, according to the S&P CoreLogic Case-Shiller Index. "We've commented before on the breadth of the housing market's strength, which continued to be impressive," Craig Lazzara, managing director at S&P DJI, said in a release. "Although this year's increase in mortgage rates has surely suppressed the quantity of homes sold, the relative shortage of inventory for sale has been a solid support for prices." "Unless higher rates or exogenous events lead to general economic weakness, the breadth and strength of this month's report are consistent with an optimistic view of future results," Lazzara added.

Persons: We've, Craig Lazzara, DJI, Lazzara Locations: Detroit, San Diego, New York, Las Vegas, Phoenix, Portland , Oregon

Consumers grew somewhat more optimistic about the future of the economy in November as expectations about inflation improved, but their sense of the current state of affairs worsened a bit. Still, two-thirds of consumers surveyed still expect a recession to be “somewhat” or “very likely” within the next 12 months. However, that is well above current inflation of 3.2% and forecasts from the Federal Reserve and mainstream economists. In the peak hour from 10 p.m. to 11 p.m. EST, consumers spent $15.7 million a minute, according to online analytics firm Adobe. One thing that might make some consumers happy is that home prices continued to increase in September.

Persons: ”, Dana Peterson, ” Peterson, Jeffrey Roach, Craig J, Lazzara, Lisa Sturtevant Organizations: Conference, Federal Reserve, LPL, “, Adobe, MLS Locations: Detroit, San Diego

☆ US home prices hit another record high in September, rising for the eighth straight month
▼ + stars: | 2023-11-28 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —US home prices continued to rise in September, hitting a new record high and marking the eighth consecutive month of increases, according to data released Tuesday. Even as mortgage rates lingered above 7% in September, historically low inventory continued to push up the price of a home. Prices rose 0.7% in September from the month before, according to seasonally adjusted data from the S&P CoreLogic Case-Shiller US National Home Price Index. Compared to a year ago, the national composite index also rose, with prices up 3.9% from September 2022, the data shows. Higher prices and higher mortgage rates led to crushing affordability challenges for homebuyers in September, bringing existing home sales to 13-year lows.

Persons: ”, Craig Lazzara, Dow, Charlotte ,, Hannah Jones, Jones Organizations: DC CNN, Dow Jones, Las, Realtor.com, homebuyers Locations: Washington, Atlanta, Boston, Charlotte, Charlotte , North Carolina, Chicago, Cleveland, Detroit, Miami ; New York, Tampa , Florida, San Diego, New York, Las Vegas, Portland , Oregon, Northeast, Midwest

☆ S&P Dow Jones Indices says mid- and small-cap stocks in Japan are likely to be undervalued
▼ + stars: | 2023-11-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailS&P Dow Jones Indices says mid- and small-cap stocks in Japan are likely to be undervaluedCraig Lazzara of S&P Dow Jones Indices discusses mid- and small-cap stocks in Japan.

Persons: Dow Jones, Craig Lazzara, Dow Organizations: Dow Jones Locations: Japan

Home prices rose 0.4% in August and at an annual rate of 2.6%, as low inventories buoyed prices even while mortgages hit the 7% level. The CoreLogic Case-Shiller index for the month found 12 of the 20 cities in the index saw higher prices in August from the year-ago period. home prices continued to rise in August 2023,” said Craig J. Lazzara, managing director at S&P DJI. “The year’s increase in mortgage rates has surely suppressed housing demand, but after years of very low rates, it seems to have suppressed supply even more. Political Cartoons on the Economy View All 604 Images“The affordability challenge is being exacerbated by persistently higher mortgage rates,” said Lisa Sturtevant, chief economist for Bright MLS.

Persons: ”, Craig J, Lazzara, ” Selma Hepp, Lisa Sturtevant, Hannah Jones, That’s, Rhys Williams, It’s, Venkat Balakrishnan, –, Dana Peterson, “, ” Peterson Organizations: Bright MLS, Federal Reserve, ”, Census Bureau, “, Realtor.com, Management, Fed, Conference Board, Hamas, Financial Group Locations: Chicago, New York, Detroit, Las Vegas, “, Israel

☆ US home prices rose in August for the seventh straight month
▼ + stars: | 2023-10-31 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —US home prices continued to rise in August, hitting a new record high and marking the seventh consecutive month of increases. Prices rose 0.9% in August from the month before, according to seasonally adjusted data from the S&P CoreLogic Case-Shiller US National Home Price Index released Tuesday. Compared to a year ago, the national composite index also rose, with prices up 2.6% from August 2022, according to Case-Shiller data. On a seasonally adjusted basis, prices increased in 19 of 20 cities in August — and Cleveland only missed by a hair. Where prices are rising and falling the mostWhile 12 of the 20 cities reported higher prices in the year ending August 2023 versus the year ending July 2023, seven of 20 cities reported lower prices.

Persons: ”, Craig Lazzara, Dow, Charlotte ,, ” Lazzara, Lazzara Organizations: DC CNN, Dow Jones Indices, “, Cleveland Locations: Washington, Atlanta, Boston, Charlotte, Charlotte , North Carolina, Chicago, Detroit, Miami, New York, —, Las Vegas, West

Home prices rose 0.6% in July, holding their own amid high mortgage rates and a low supply of houses for sale, according to the S&P CoreLogic Case-Shiller Index released on Tuesday. On an annual basis, the national index is now up 1% from a year ago. “Areas in the Midwest continue to lead the national gains given their relative affordability. Markets that saw home prices reset following the recent surge in mortgage rates are expected to see stronger gains over the next 12 months, particularly those in the West,” Hepp added. While mortgage rates that have recently topped 8% for a 30-year fixed rate loan are dampening demand, a shortage of homes for sale is keeping prices high.

Persons: ”, Craig J, Lazzara, ” Selma Hepp, ” Hepp, Today’s, Danielle Hale, “ Locations: Chicago, Cleveland, New York

☆ US home prices rose in July to record-high levels
▼ + stars: | 2023-09-26 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Prices rose 0.6% from the month before, according to seasonally adjusted data from the S&P CoreLogic Case-Shiller US National Home Price Index released Tuesday. Compared to a year ago, the national composite index also rose, with prices up 1% from July 2022, the prior peak, according to Case-Shiller data. In July, prices rose in all 20 cities after seasonal adjustment. Prices in Las Vegas were down 7.2% from a year ago and in Phoenix prices were down 6.6%. The West, where prices are down 3.8% from a year ago, and the South, with prices down 3.6%, continue to see annual price declines.

Persons: ”, Craig Lazzara, Dow, Selma Hepp, Freddie Mac Organizations: DC CNN, Dow Jones, CoreLogic, Federal Reserve Locations: Washington, Chicago, Cleveland, New York, Las Vegas, Phoenix

☆ New study shows it's tough being an active manager any year, but especially in 2023
▼ + stars: | 2023-09-21 | by ( Bob Pisani | ) www.cnbc.com time to read: +5 min

S & P Dow Jones Indices on Thursday released its mid-year 2023 SPIVA (S & P Indices Versus Active) Scorecard. This is semi-annual study tracks how active fund managers are performing against their benchmarks and is considered the gold standard to measure active performance. Only 48% of mid-cap managers lagged the S & P MidCap 400, and only 28% of small-cap managers lagged the S & P SmallCap 600. After 1 year, 61% of large cap managers underperform the S & P 500, and it only gets worse from there. Long-term active management is a fundamental problem The problems active managers confront are not temporary.

Persons: Dow, Tiny, Craig Lazzara, Lazzara Organizations: Dow Jones, Microsoft, Nvidia, Tesla Locations: Underperformance

☆ The housing market is stuck: Americans can't afford homes, investors aren't buying property, and economists see little relief ahead
▼ + stars: | 2023-09-02 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Low inventory, high mortgage rates, and high prices have created a difficult housing market. Low inventory, high mortgage rates, and high prices have put the housing market into a state of unaffordability that's weighing on house hunters, current homeowners, and even real estate investors. AdvertisementAdvertisementAs things stand, roughly one-quarter of homeowners are sitting on mortgage rates of less than 3%, near the highest on record. The seasonally-adjusted data showed prices climbed in every single city in the group's 20-city index. Otherwise said, half the cities in our sample now sit at all-time high prices."

Persons: we've, Craig J, Lazzara, DJI, Daryl Fairweather, haven't, Shay Stein, Realtor.com, Fannie Mae, Bill McBride Organizations: Homeowners, Service Locations: Wall, Silicon, Realtor.com

☆ US home prices show signs of stabilizing, reports show
▼ + stars: | 2023-08-29 | by ( Amina Niasse | ) www.reuters.com time to read: +2 min

REUTERS/Octavio Jones Acquire Licensing RightsNEW YORK, Aug 29 (Reuters) - U.S. housing prices showed further signs of stabilizing in June, according to two reports out Tuesday that signaled the lengthy run of softening sales prices may be bottoming out. Both reports showed prices rose modestly month-over-month. House prices rose 3.0% between the second quarters of 2022 and 2023, FHFA said. FHFA's data showed June’s year-over-year gains were strongest in the East North Central and New England regions, up by 5.4% and 6.8%, respectively. On a city basis, the Case-Shiller data showed Chicago and Cleveland experiencing the greatest price accelerations.

Persons: Octavio Jones, FHFA, ”, Anju Vajja, ” Craig Lazzara, DJI, Amina Niasse, Safiyah Riddle, Andrea Ricci, Leslie Adler Organizations: REUTERS, Federal Housing Finance Agency, Federal Reserve, FHFA’s Division of Research, Statistics, East North, Thomson Locations: Tampa , Florida, U.S, “ U.S, East North Central, New England, Chicago, Cleveland

☆ Case Shiller: Home prices rose for the fifth straight month in June
▼ + stars: | 2023-08-29 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Home prices rose again in June, marking the fifth successive month of gains, and remaining near the all-time highs notched a year ago. Prices rose 0.7% from the month before, according to seasonally adjusted data from the S&P CoreLogic Case-Shiller US National Home Price Index released Tuesday. While home prices have remained strong in 2023, stubbornly high mortgage rates complicate the situation for potential homebuyers, said Selma Hepp, CoreLogic’s chief economist. Home prices in San Francisco were down 9.7% from a year ago and Seattle prices fell by 8.8%. “Many existing homeowners remain on the sidelines of the market, content to stay put as mortgage rates reach 20-year highs,” said Jones.

Persons: ”, Craig Lazzara, Selma Hepp, Hannah Jones, Freddie Mac, Jones Organizations: DC CNN, Realtor.com, ” Builders, “ Locations: Washington, “, Midwest, New England, Cities, Chicago, Cleveland, New York, West, San Francisco, Seattle

☆ Here’s why home prices stayed high in May
▼ + stars: | 2023-07-25 | by ( Anna Bahney | ) edition.cnn.com time to read: +7 min

“The ongoing recovery in home prices is broadly based.”Before seasonal adjustment, prices rose in all 20 cities in May, as they had also done in March and April. Month over month, home prices rose in May for the fourth consecutive month. “Though home prices are likely to continue to cool slightly, limited inventory relative to buyer demand will likely keep prices somewhat afloat. By 1983, partly spurred by high inflation, the price rose to $75,500, and it continued rising to $126,100 by 1993. “It is worth noting that market data are coming up on last year’s record-high prices, notched during May and June,” he said.

Persons: “, ”, Craig Lazzara, “ It’s, Hannah Jones, Jones, George Ratiu, May’s, Ratiu, ” Ratiu Organizations: DC CNN, City Composites, Realtor.com, ”, National Association of Realtors, Federal Reserve Locations: Washington, Chicago, Cleveland, New York, Seattle, Las Vegas, Phoenix, Miami, Tampa , Florida, “, ’

☆ Home prices continue to climb with 'striking' regional differences, says S&P Case-Shiller
▼ + stars: | 2023-07-25 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Home prices in May rose for the fourth straight month on the S&P CoreLogic Case-Shiller home price index, but regional differences are widening. The index's 10-city composite gained 1.1%, and the 20-city composite gained 1%. Current homeowners are reluctant to sell, given that most are paying mortgage rates that are less than half of today's rates. Demand returned after the initial jump in mortgage rates, as buyers seem to be getting used to a new normal. Correction: Home prices in May rose for the fourth straight month on the S&P CoreLogic Case-Shiller home price index.

Persons: Craig Lazzara, It's, Hannah Jones Organizations: Midwest Locations: U.S, Chicago, Cleveland, New York, Seattle, San Francisco

☆ House hunting is already tough. Guess what? It's about to get harder
▼ + stars: | 2023-06-29 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

The number of homes for sale this month was actually 7% higher than June of last year, according to Realtor.com. An even tighter housing market ahead means home prices are unlikely to cool. They began to fall because mortgage rates had doubled in a matter of months. "Despite sluggish pending contract signings, the housing market is resilient with approximately three offers for each listing," NAR's chief economist, Lawrence Yun, said in a release. Higher mortgage rates have been less of a factor, as builders, some of whom have their own mortgage arms, have been buying down rates for buyers.

Persons: Craig Lazzara, DJI, Lawrence Yun, hadn't, Peter Boockvar Organizations: Mortgage News Daily, National Association of Realtors, Census, Builders, Bleakley Financial

CNN —Home prices rose in April for a third consecutive month, according to the latest S&P CoreLogic Case-Shiller US National Home Price Index released Tuesday. After seasonal adjustment, the national index rose 0.5% in April from March. Before seasonal adjustments, the national index rose 1.3% from March. “The US housing market continued to strengthen in April 2023,” said Craig Lazzara, managing director at S&P DJI. Low inventory is keeping prices strongAlthough mortgage rates have risen since last year, prices remain strong in part because there are fewer options available for those who can still afford to buy.

Persons: ”, Craig Lazzara, Danielle Hale, we’ve, ” Hale Organizations: CNN, Federal Reserve Locations: today’s, Realtor.com

☆ Home prices rose for third straight month in April, S&P Case-Shiller index says
▼ + stars: | 2023-06-27 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Home prices in April were still down 0.2% compared with April 2022, according to the S&P CoreLogic Case-Shiller national home price index. A major jump in mortgage rates last summer caused a decline in prices. "The ongoing recovery in home prices is broadly based," Craig Lazzara, managing director at S&P DJI, said in a release. Before seasonal adjustments, prices rose in all 20 cities in April, as they had also done in March. Seasonally adjusted data showed prices rising in 19 cities in April versus 14 in March.

Persons: Ryan Ratliff, Ryan Paredes, Ariadna Paredes, Craig Lazzara, DJI, homebuying, Danielle Hale, Realtor.com, we've Organizations: Estate, Max Advance Realty, Cleveland Locations: Cutler Bay , Florida, Miami, Chicago, Atlanta, Boston, San Francisco

☆ US home prices just jumped for the second-straight month, suggesting the housing downturn could be over. Here are the 6 cities where prices are rising the fastest.
▼ + stars: | 2023-05-31 | by ( William Edwards | ) www.businessinsider.com time to read: +3 min

In the 20-city version of the index, all 20 of the cities saw home prices rise month-over-month. "That said, the challenges posed by current mortgage rates and the continuing possibility of economic weakness are likely to remain a headwind for housing prices for at least the next several months." "A shortage of listings, plentiful jobs, and strong wage growth are largely offsetting the headwind to housing from high mortgage rates," Adams told Insider. Their reasons include high mortgage rates, historically low affordability, and a potential recession. Below, we've listed in descending order the six cities in the Case-Shiller 20-city index that posted month-over-month growth of at least 2%.

Persons: Craig J, Lazzara, Bill Adams, Adams, Suisse's Ray Farris, Rosenberg Research's David Rosenberg, Ian Shepherdson, American Enterprise Institute's Desmond Lachman, Skylar Olsen Organizations: Home, NSA, Redfin, Comerica Bank, American Enterprise Locations: Denver, Detroit, San Francisco, San Diego, Seattle, Minneapolis, West Coast, Miami , Florida, Tampa , Florida, Charlotte, North Carolina

☆ US home prices rose in March for the second month in a row
▼ + stars: | 2023-05-30 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —US home prices rose slightly in March, showing a continuing recovery, according to the latest S&P CoreLogic Case-Shiller US National Home Price Index, released Tuesday. It’s the second month in a row that prices have increased, after an increase in February that snapped a seven-month streak of month-over-month declines. Home prices went up 0.7% in March from the year before, down from 2.1% in the previous month. “The farther west we look, the weaker prices are.”Miami continued to have the largest year-over-year price growth for the eighth consecutive month with a 7.7% increase. Still, “the housing market is likely to remain relatively tense until either home prices or mortgage rates fall enough to bring balance via both buyer and seller activity.”

☆ Home price declines may be over, S&P Case-Shiller says
▼ + stars: | 2023-05-30 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Nationally, home prices in March were 0.7% higher than March 2022, S&P CoreLogic Case-Shiller Indices said Tuesday. "The modest increases in home prices we saw a month ago accelerated in March 2023," said Craig J. Lazzara, managing director at S&P DJI, in a release. Before seasonal adjustment, prices rose in all 20 cities in March (versus in 12 in February), and in all 20 price gains accelerated between February and March. Miami, Tampa, Florida, and Charlotte, North Carolina, saw the highest year-over-year gains among the 20 cities in March. Compared with a year ago, 19 of 20 cities reported lower prices with only Chicago showing an increase at 0.4%.

☆ US home prices rose slightly in February, snapping seven months of declines
▼ + stars: | 2023-04-25 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —US home prices rose slightly in February, snapping a seven-month streak of month-over-month declines, according to the latest S&P CoreLogic Case-Shiller US National Home Price Index, released Tuesday. The national composite index now stands 4.9% below its June 2022 peak. Miami again had the biggest year-over-year price gain in February, followed by Tampa, Florida; and Atlanta. Miami had a year-over-year price increase of 10.8%, followed by Tampa with a 7.7% increase and Atlanta with an 6.6% increase. In January, four West Coast cities — San Francisco; Seattle; San Diego; and Portland, Oregon — saw year-over-year price declines.

☆ US home prices fell in January for the seventh-straight month
▼ + stars: | 2023-03-28 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —US home prices fell for the seventh month in a row in January, even as mortgage rates eased, according to the latest S&P CoreLogic Case-Shiller US National Home Price Index, released Tuesday. Miami had a year-over-year price increase of 13.8%, followed by Tampa with a 10.5% increase and Atlanta with an 8.4% increase. That battle has caused mortgage rates to spike over the past year, resulting in many home buyers being priced out of purchasing a home. Mortgage rates are expected to be volatile for as long as the Fed has to work to pull back runaway inflation. “Just how much prices will rise from winter lows will depend on whether mortgage rates stabilize and creep downward or stay high and volatile.”

☆ Home prices cool in January, even falling in some cities, S&P Case-Shiller says
▼ + stars: | 2023-03-28 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Home prices cooled in January, up only 3.8% nationally than they were a year earlier, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. That was likely due to a brief drop in mortgage rates and a resulting jump in sales. Home prices have been cooling due to higher mortgage rates. Miami prices were up 13.8%, Tampa prices up 10.5%, and Atlanta prices rose 8.4%. All 20 cities, however, reported lower prices in the year ending January 2023 versus the year ending December 2022.

☆ The Fed's own economists are warning of a 19.5% housing correction and more rate hikes could set off a 'domino effect'
▼ + stars: | 2023-03-01 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

For more on that, I recommended reading my colleague Dan DeFrancesco's excellent 10 Things on Wall Street newsletter. And for today, let's see why the Fed's own economists are warning of a nearly 20% housing correction. They argued US home prices would have to tumble nearly 20% to bring the housing market back to fundamentals — and additional Fed rate hikes could lead to an even worse housing correction. Have you entered or exited the housing market in the last year? These four charts explain the troubling state of the housing market right now.

☆ U.S. house price inflation cools further in December
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

The S&P CoreLogic Case Shiller national home price index, covering all nine U.S. census divisions, increased 5.8% year-on-year in December. Prices increased 5.8% in 2022, pulling back from 2021's record-setting 18.9% gain. The housing market has been hammered by the Federal Reserve's aggressive monetary policy stance, with residential investment contracting for seven straight quarters, the longest such stretch since 2009. The 30-year fixed mortgage rate increased to an average of 6.50% last week from 6.32% in the prior week, according to data from mortgage finance agency Freddie Mac. While higher mortgage are hurting demand and cooling house price inflation, the FHFA noted that "these negative pressures were partially offset by historically low inventory."

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