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    Home Prices Collapse Again For Sixth Month In A Row, Future Economic Confidence Shrinks

    February 28, 2023
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    Image by Marcia Todd

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    Housing sales plummeted for the sixth month in a row, while consumer expectations for the future also dropped.

    National home prices fell for 6 straight months up to December (the latest data from S&P Global's Case-Shiller index),dropping more than expected (-0.51% MoM vs -0.40% MoM exp). This slowed the annual growth of prices to the weakest since July 2020, reported Zero Hedge.

    Analysts expected The Conference Board's Confidence survey to improve marginally in February with the present situation holding remarkably strong given the chaos seen everywhere else in the US economy. The actual print disappointed significantly (102.9 vs 108.5 exp), hurt by a big drop in Expectations (from a revised 76.0 to 69.7) while the Present Situation continued to rise (from 151.1 to 152.8).

    In short, evidence of economic contraction is surging, even though the American public may have not felt it yet; they are worried about the future however.

    Housing Price Index (MoM) (Dec) printed at -0.1% vs -0.6% estimated.

    S&P Case-Shiller Home Price Indicies (YoY) (Dec) printed at 4.6% vs 6.1%.

    Goods Trade Balance (Jan) PREL printed at -$91.5B.

    Wholesale Inventories (Jan) PREL printed at -0.4% vs 0.5%.

    Redbook Index (YoY) (Feb 24) printed at 5.3%.

    Chicago Purchasing Manager's Index (Feb) printed at 43.6 vs 45.

    Consumer Confidenc (Feb) printed at 102.9 vs 108.5.

    Richmond Fed Manufacturing Index (Feb) printed at -16 vs -5.

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    CDM Staff

    The mission at Creative Destruction Media is to be the catalyst for the "process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one."
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