Merrill on House Prices

A few excerpts from a Merrill Lynch note on house prices: Home prices nationally, as measured by the S&P CoreLogic Case-Shiller index are running at 6.0% yoy as of the latest data in July. Assuming some modest slowing into the end of the year, we believe we are on track for home prices to end up 5.0% this year, as measured by 4Q/4Q change. As we look ahead into next year, we expect the slowing in home prices to persist, leaving home price appreciation (HPA) of 3% at the end of 2019 . … Home prices are ultimately anchored to a fair value which is a function of income growth. Based on......(read more)

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