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Takeaway: We were first and we remain the bears on the U.S. housing market.

Home price growth, as measured by the Case-Shiller 20-city composite, slowed for a ninth consecutive month, decelerating -120bps sequentially to +5.6% year-over-year. The rate of deceleration in August is largely consistent with trend as the last four months have been -150bps, -130bps, -130bps and -120bps as the rate of improvement in HPI has decelerated from +12.4% YoY to +5.6%.

For the record, Hedgeye managing director Josh Steiner highlighted back in August why we were (and remain) bearish on the U.S. housing market.