Daily Economic Update, December 28, 2010

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  • 1. DailyEconomicUpdateDecember28,2010 HomepricesfortheS&P/CaseShiller 20cityindexdecreasedinOctoberby1%from Septemberandby0.8%fromOctober2009. Ofthetwentycitiesincludedintheindex,fourgeneratedyearoveryeargains: Washington,LosAngeles,SanDiego,andSanFrancisco,whiletheremaining16 depreciatedoverthesametimeframe. Althoughpricesdecreasedminimallyoverthelastyear,theyhavestayedrelativelystable sincethefirstpartof2009. TheConferenceBoardsconsumerconfidenceindexdecreasedinDecemberby3.3%to 52.5. Thedeclinewasprimarilyattributabletoadecreaseinconfidencetowardsthepresent situation(down7.5%inDecemberto25.3).Inparticular,46.8%ofsurveyrespondents indicatedthatjobsarecurrentlydifficulttoobtain. ThefollowinggraphdetailstheS&P/CaseShiller 20cityIndexandtheConference BoardsConsumerConfidenceIndex.Thedeclineinhomepriceshascoincidedwitha commensuratedeclineinconsumerconfidencebeginninginmid2007.Thus, improvementinhomepricesisinexorablylinkedtoemploymentgrowthandgreater consumerconfidence. ProducedbyNARResearch

2. DailyEconomicUpdateDecember28,2010ProducedbyNARResearch

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