Cohen, Coughlin, Lopez
Federal Reserve Bank of St. Louis
050100150200250199119951999200320072011S&P/Case-Shiller HPI:U.S. NationalIndex (SA), 2000:Q1 = 100
1998:Q1HPI = 86.392006:Q2HPI = 189.472012:Q1HPI = 127.32
S&P/Case-Shiller House Price Index (1991:Q1–2012:Q1)
NOTE: The shaded areas indicate U.S. recessions as determined by the National Bureau of Economic Research. HPI, house price index;SA, seasonally adjusted.
–20–15–10–505101520199119951999200320072011Core PCE (year/year)Percent (SA)S&P/Case-Shiller HPI:U.S. National (year/year)
1998:Q1HPI = 4.77Core PCE = 1.512006:Q2HPI = 7.45Core PCE = 2.272012:Q1HPI = –1.86Core PCE = 1.98
Core PCE Rate and Year-Over-Year Changes in the S&P/Case-Shiller HPI (1991:Q1–2012:Q1)
NOTE: The shaded areas indicate U.S. recessions. HPI, house price index; SA, seasonally adjusted.