The old adage about
waiting for the kettle to boil could be applied to the widely predicted deceleration
of home price appreciation. It seems to be happening, but it isn’t fast. The
S&P CoreLogic Case-Shiller price indexes showed slightly lower monthly and annual
gains in September than in August while the Federal Housing Finance Agency’s (FHFA’s)
House Price Index (HPI) was unchanged from the previous report on an annual
basis but down fractionally month-over-month. 
Case-Shiller’s National
Home Index, covering all nine U.S. census divisions, reported a 19.5 percent annual
gain in September, down from 19.8 percent in August. The 10-City Composite grew
by 17.8 percent compared to 18.6 percent in the previous month and the 20-City
Composite posted a 19.1 percent year-over-year gain, a half-point below the
August appreciation rate.  


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