US DATA: Sept FNC Residential Price Index was unchanged after 6 mos of modest
growth for +2.3% yoy. “Despite recent encouraging developments, such as a modest
outlook for the overall economic recovery and unemployment, the pace of the
housing recovery is likely to be constrained during the housing low season (fall
and winter). Regionally, a number of northeastern housing markets affected by
Hurricane Sandy will likely show a marked slowdown in recovery due to delays in
mortgage financing, appraisals, foreclosures, and new construction.”