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5th MAG Meeting
- 1. Undergraduate Economics Association 1 By: Jeevan Parameswaran, Spencer Petitti (VPs of Editorial Content) Week 5
- 2. Undergraduate Economics Association Overview 1. New Residential Construction Report 1. Building Permits Survey 2. Survey of Construction 1. Housing Starts 2. Housing Completions 2. S&P’s Case-Shiller Index 1. National 2. 10-city 3. 20-city 2
- 3. Undergraduate Economics Association NewResidentialConstructionReport 3 • Released jointly by U.S. Census Bureau and Department of Housing and Urban Development • Building Permits Survey • At or around 12th working day of following month • Revised on the 18th • Survey of Construction • At or around 12th working day of following month • Leading indicators! • Can lower bond prices, causing interest rates to rise • New privately-owned residential buildings authorized by permit or in area not requiring permit (4 major regions of US) • Building Permits • Housing Starts • Housing Completions
- 4. Undergraduate Economics Association S&P’sCase-ShillerIndex 4 • Tracks changes in value of residential real estate • Calculated as a price indices • Base year 2000, base value 100 • Released last Tuesday of each month • Uses the “repeat sales method” of index calculation • Uses data on properties that have sold at least twice • Lagging Indicator • 3 different calculations: • Case-Shiller National Home Price Index • Calculated quarterly • Composite based on the 9 U.S Census divisions (4 main) • Case-Shiller 20-City Composite Home Price Index • Calculated monthly using 3-month moving average • Case-Shiller 10-City Composite Home Price Index • Calculated monthly using 3-month moving average
- 5. Undergraduate Economics Association Composite of 10 Boston Chicago Denver Las Vegas Los Angeles Miami New York San Diego San Francisco Washington, D.C. 5 Composite of 20 Atlanta Boston Charlotte Chicago Cleveland Dallas Denver Detroit Las Vegas Los Angeles Miami Minneapolis New York Phoenix Portland San Diego San Francisco Seattle Tampa Washington, D.C. U.S. National
- 8. Undergraduate Economics Association Upcoming: 8 • SQL Workshop • In two weeks, will go over the basics of using SQL Database • Article Report • Come prepared with a 1 page report on your selected indicators • The report should touch on the following: • Data (current and past 6 months) • Impact Assessment • Future Expectations
Notes de l'éditeur
- Shiller actually feels home prices are essentially neutral in the long run. People tend to overestimate their home appreciation and can actually fuel bubbles in real estate markets.