The S&P/Case-Shiller index of property values in 20 cities will be released today. It is one of the critical barometers of home prices and is usually a fairly good basis on which to forecast near-term trends. The index has continued to drop most months since the advent of the housing crisis. But, the data could surprise on the upside. Builder confidence is up, although that does not directly influence home prices. Realtors have begun to show some optimism about the movement of inventory if NAR data is a fair indication. The Case-Shiller information is also important psychologically. Stock and bond markets will watch it as a signal of the direction home prices are likely to take over the next several months.
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