The Standard & Poor's/Case-Shiller 20-city composite home
price index, which will be released on Tuesday, likely rose 1.2%
in July from the previous month, a Zillow Inc. forecast showed.
The Case-Shiller, a key housing price index that covers 20 US
metropolitan areas, likely fell 4% in July from the year-ago
period, Zillow said. The S&P/Case-Shiller 10-city index is
expected to show the same month-over-month increase compared
to June, while also registering a decline of 3.4% from a year
earlier. "The market is full of conflicting signals right now
with August consumer confidence down by 25%, July pending homes
slipping, and the four-week moving average of mortgage applications
also dipping," said Zillow Chief Economist Stan Humphries in a
statement.
Humphries' expectations for the Case-Shiller index were
initially much weaker, but were bolstered recently by two
indicators. The Zillow home value index, a key factor in its
Case-Shiller forecast, rose 0.12% in July, and August home sales
rose 7.7%, well ahead of expectations. Still, uncertainty is
plaguing the market and will exert a drag on housing.
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