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House Prices Only Slowly Edging Lower

US DATA
  • S&P CoreLogic and more so the FHFA measures of house prices fell by less than expected in November, by -0.54% M/M (cons -0.64) and -0.1% M/M (cons -0.5) respectively.
  • It helps widen the difference in the extent of the rolling over seen in the two measures, with the S&P CoreLogic series now 4% off June highs but the FHFA just 1% lower.
  • That said, these recent declines are minimal with prices still more than 35% above pre-pandemic levels and still provide a very large boost for household net wealth in the process.

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