This chart shows the contribution of the residential real estate spread to the CFSI. This spread is measured as the difference between the price of residential property (S&P/Case-Shiller National Home Price Index) and 20-Year US Treasury. It captures the risk associated with investing in residential real estate relative to a risk free instrument.
Release: Cleveland Financial Stress Index
Federal Reserve Bank of Cleveland, Contributions to the Cleveland Financial Stress Index: Residential Real Estate Spread [RRESD678FRBCLE], retrieved from FRED, Federal Reserve Bank of St. Louis https://research.stlouisfed.org/fred2/series/RRESD678FRBCLE/, October 13, 2015.