Indexes give mixed signals

Home prices in South Florida continued to eke out modest gains even as confidence in the economy stalled, according to two widely-watched reports released Tuesday, sending mixed messages to a jittery market during the run-up to the critical holiday-shopping season.

The Standard & Poor's/Case-Shiller home-price index for Miami-Dade, Broward and Palm Beach counties climbed 1.1 percent from July to August -- its fourth consecutive gain. Nationally, the index was up 1.2 percent.

Meanwhile, after improving for three straight months, Florida's Consumer Confidence Index was flat in October versus September. The survey is key because consumers account for about two-thirds of all spending and their confidence levels are often an accurate predictor of retail sales.

Chris McCarty, the survey director from the University of Florida, said consumers are torn. While they recognize that deep discounts make it a good time to shop, double-digit unemployment and unease over their personal finances make them wary.

With many economists predicting either flat or slightly better sales over last year's dismal performance, ``nobody is expecting it to be a very good holiday season,'' he said.

Indexes give mixed signals - Miami Herald - October 28, 2009