Home Price Growth Slowing

Home price growth keeps slowing, the results of both Case-Shiller and FHFA, both released this morning and the latter rising a lower-than-expected 0.2 percent in June. The year-on-year rate is down 3 tenths to 4.8 percent from a revised 5.1 percent in May and is the softest showing in five years. FHFA, like Case-Shiller, are lagging data, tracking way back in June which was before what is an ongoing and steep decline in mortgage rates which is very likely to provide firmer support to underlying housing demand and prices with it.