US Home Price Growth Slumps To Weakest In 7 Years

S&P CoreLogic Case-Shiller's 20-City Composite price index rose just 2.13% YoY in June - the weakest growth since August 2012.

The MoM rise of just 0.04% notably missed expectations of a 0.1% rise and the drop from 2.37% YoY was also a sizable acceleration in the decline.

Source: Bloomberg

This is the 15th straight month of YoY declines in price.

This slide has occurred as mortgage rates have plunged...

Source: Bloomberg

But, given the lags in Case-Shiller data, there is an argument that the de-growth in prices could be about to stall (even though that's not what we saw in early 2016).

New York City saw a decline in prices in June.