Home Prices Rose More Than Expected in November

The FHFA just released its November House Price Index and that measure rose 1% against an expectation of 0.8%. October’s rise was 1.5%. The CoreLogic Case-Shiller 20-City Price Index was also published this morning and it recorded a 1.42% November rise that took the year-over-year growth rate in prices to 9.08%. Analysts only expected a 1% monthly rise with the year-over-year pace moving to 8.7% from a slightly revised 8.01%. For all of the U.S., the year-over-year growth rate rose to 9.49% from 8.41%. Surveys only suggested a move to 8.85%. A little later, the Conference Board will release its Consumer Confidence Index and a slight improvement is expected. Later still, the Richmond Fed will probably tell us that its January Manufacturing Index remained unchanged at a value of 19. The Treasury will be selling $61B Five-Year notes today.

Treasury prices so far are slightly lower, but not much. The Ten-Year is yielding around 1.05% with the Long Bond perched at 1.80%. Domestic equity indices are slightly in the green. Crude oil is up slightly to $53.06 with gold also pretty steady at $1,857.