Huh? FHFA Purchase Only House Price Index Rises 0.7% In May, Richmond Fed Prints at -11

Confounded Interest ^ | 07/23/2013 | Anthony B. Sanders

[whitedog57]

The Federal Housing Finance Agency (FHFA) released their purchase only house price index this morning. It rose 0.7% in May.

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The Pacific, West South Central, New England and Middle Atlantic continue to rise. East South Central? Not so much.

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States in Each Census Division Pacific Census Division: Hawaii, Alaska, Washington, Oregon, California Mountain Census Division: Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, New Mexico West North Central: North Dakota, South Dakota, Minnesota, Nebraska, Iowa, Kansas, Missouri West South Central: Oklahoma, Arkansas, Texas, Louisiana East North Central: Michigan, Wisconsin, Illinois, Indiana, Ohio East South Central: Kentucky, Tennessee, Mississippi, Alabama New England: Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut Middle Atlantic: New York, New Jersey, Pennsylvania South Atlantic: Delaware, Maryland, District of Columbia, Virginia, West Virginia, North Carolina, South Carolina, Georgia, Florida

Meanwhile on the economic front, the Richmond Federal Reserve Manufacturing Survey Monthly % Change Overall Index fell to -11. The expectations were for a reading of 9.

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Now, THAT is a big swing and a miss for the economy.

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[whitedog57]

Housing bubble, economic malaise. Obama should be fired as manager.

[Wuli]

I don’t know what dataset or datapoints the FHFA is using for it’s “house price index”; is it “sale price at time of completed sales” or is it merely “asking price”.

I have seen some big upswings in asking prices in certain markets in the past few months, and in those same markets I have seen many of those offerings withdrawn within weeks without a sale taking place. I not only saw the offering was no longer showing up, but I checked Zillow and verified that it was in fact withdrawn.