For the fourth month in a row, US home price annual appreciation slowed in July (according to the latest data from S&P CoreLogic’s Case-Shiller indices).

The 20-City Composite index rose 0.27% MoM (less than the +0.4% expected), which left the YoY price change at +5.92% – its lowest since November…

Source: Bloomberg

US Home prices are at record highs (a great time to cut rates)…

Source: Bloomberg

All 20 cities in the composite index continue to see annual home price appreciation…

The home price appreciation continues to track bank reserves at The Fed (lower on a lag)…

Source: Bloomberg

Of course, the funniest thing is that as price appreciation actually begins to slow (a good thing for affordability at the margin), The Fed has slashed interest-rates (which one would expect will juice home prices once again?).

Mortgage rates are already leading lower…

Will The Fed ignite another houosing bubble and re-heat CPI in an Arthur-Burns-esque 1970s redux?