The Real Estate Channel

Home Prices Rose 6.2% Year-over-Year in September

With today's release of the September S&P/Case-Shiller Home Price Index, we learned that seasonally adjusted home prices for the benchmark 20-city index were up 0.5% month over month. The seasonally adjusted national index year-over-year change has hovered between 4.2% and 6.2% for the last thirty months. Today's S&P/Case-Shiller National Home Price Index (nominal) reached another new high.

FHFA House Price Index: Index Up 1.4% in Q3

The Federal Housing Finance Agency (FHFA) has released its U.S. House Price Index (HPI) for Q3 and September. U.S. house prices were up 0.3 percent on a seasonally adjusted nominal basis from the previous month. Year-over-year the index is up 6.4% (nonseasonally adjusted). Seasonally adjusted, the index is up 4.53% year-over-year.

On My Radar: Trade Signals Remain Risk On

Happy Thanksgiving to you and your wonderful family. Today’s post is holiday short because by the time it hits your in box I’ll hopefully be home with IPA in hand celebrating a hard-fought Black Friday golf tournament victory. Daughter, Brianna; son, Matthew and good friend, Stevie Oh, rounds out our foursome. If you are familiar with golf, it’s a scramble format where each player tees off.

October New Home Sales Up 6.2%, Beats Forecast

This morning's release of the October New Home Sales from the Census Bureau came in at 685K, up 6.2% month-over-month from a revised 645K in September. Seasonally adjusted estimates back to July were also revised. The forecast was for 625K.

Things We Are Thankful For

We’re thankful for this year’s economic growth in the U.S., which has exceeded most expectations. A soft first quarter has been followed by two quarters in which real activity expanded at an annual pace exceeding 3%.

Who Could Win? The Impact of Tax Reform on Financial and Real Estate Stocks

The US House of Representatives passed a tax reform bill on November 16. How could it affect financial and real estate stocks?

Existing-Home Sales Grew 2% in October

This morning's release of the October Existing-Home Sales increased from the previous month to a seasonally adjusted annual rate of 5.48 million units. The consensus was for 5.42 million. The latest number represents a 2.0% increase from the previous month and a 0.9% decrease year-over-year.

Neil Hennessy – The Opportunities in Mid-Cap and Japanese Stocks

Neil Hennessy is a portfolio manager and chief investment officer at Hennessy Funds. In this interview, he discusses the compelling opportunities in mid-cap and Japanese stocks, and what RIAs should be doing in advance of the next market correction.

How Have Hurricanes Harvey, Irma and Maria Impacted the Municipal Bond Market?

The financial impact of 2017’s three devastating hurricanes has varied greatly depending on the region affected. From a credit standpoint, the most important takeaway is that each region’s ability to withstand the financial impact of the storms depends on its credit quality ahead of the storm.

Secular Trends in Residential Building Permits and Housing Starts

Over the long haul the two series offer a compelling study of trends in residential real estate. Here is an overlay of the two series since the 1959 inception of the Starts data and the Permits data, which began being tracked a year later. The monthly data points are preserved as faint dots. The trends are illustrated with 6-month moving averages of data divided by the Census Bureau's mid-month population estimates.

New Residential Housing Starts Up 13% in October

The U.S. Census Bureau and the Department of Housing and Urban Development have now published their findings for October new residential housing starts. The latest reading of 1.290M was well above the forecast of 1.185M and an increase from the previous month's upwardly revised 1.135M.

New Residential Building Permits: Up Again in October

The U.S. Census Bureau and the Department of Housing and Urban Development have now published their findings for October new residential building permits. The latest reading of 1.297M was an increase from 1.225M in September and above the forecast of 1.247M.

NAHB Housing Market Index: "Builder Confidence Climbs to 8-Month High in November"

The National Association of Home Builders (NAHB) Housing Market Index (HMI) is a gauge of builder opinion on the relative level of current and future single-family home sales. It is a diffusion index, which means that a reading above 50 indicates a favorable outlook on home sales; below 50 indicates a negative outlook. The latest reading of 70, up 2 from last month's number and at an eight-month high. had a forecast of 68.

Valuation Sensitivity

Has the stock market gotten too expensive? Overall, we would say it hasn't. But we do feel some sectors are better positioned than others.

Extra Innings

A review of last month’s market-moving events across countries and asset classes