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Daily Economic UpdateDecember 28, 2010 Home prices for the S&P/Case Shiller 20‐city index decreased in October by 1% from September and by 0.8% from October 2009. Of the twenty cities included in the index, four generated year‐over‐year gains: Washington, Los Angeles, San Diego, and San Francisco, while the remaining 16 depreciated over the same time frame. Although prices decreased minimally over the last year, they have stayed relatively stable since the first part of 2009. The Conference Board’s consumer confidence index decreased in December by 3.3% to 52.5. The decline was primarily attributable to a decrease in confidence towards the present situation (down 7.5% in December to 25.3). In particular, 46.8% of survey respondents indicated that jobs are currently difficult to obtain. The following graph details the S&P/Case Shiller 20‐city Index and the Conference Board’s Consumer Confidence Index. The decline in home prices has coincided with a commensurate decline in consumer confidence beginning in mid‐2007. Thus, improvement in home prices is inexorably linked to employment growth and greater consumer confidence. Produced by NAR Research
Daily Economic UpdateDecember 28, 2010 Produced by NAR Research