Here Comes Case-Shiller Home Prices...

Economists polled by Bloomberg are looking for 20-city home prices to rise 0.7% month-over-month and 11.8% year-over-year.

This compares to a 0.76% MoM and 12.86% YoY rise the previous month.

Ian Shepherdson at Pantheon Macroeconomics has previously explained why home prices can be skewed by fluctuating foreclosure sales.

"As foreclosed homes typically sell for much less than regular private sales, a decline in the proportion of foreclosure sales will raise reported prices," he wrote back in April. "The correlation between changes in the proportion of foreclosures and the rate of increase of Case-Shiller home prices is not perfect, but it is real, as our first chart shows."