Housing Market Shows Weak Price Traction

Both this morning's FHFA and Case-Shiller reports show very weak price traction in the housing market during June. Shiller's adjusted 20-city index for June came in below Econoday's consensus range at no change. The year-on-year rate of 2.2 percent is the lowest pace of price growth in seven years. FHFA's data, also released this morning, are at a five-year low. Yet both of these reports are lagging, 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.