With earnings season in full swing, the FOMC meeting on interest rates, the GDP estimate, and housing numbers due out, the coming week is shaping up to be a busy one. So here's a peek at what's on the economic calendar.

Monday

Quarterly reports from American Express (AXP) and McDonald's (MCD) will highlight Monday. Amgen (AMGN), CSX (CSX), Halliburton (HAL) and Texas Instruments (TXN) are also expected to report strong earnings results.

Even as the year winds to a close this week, there are still a handful of economic releases on the schedule. Starting out on Monday, the Chicago Fed releases its Midwest Manufacturing Index for November.

Tuesday brings the final Consumer Confidence Index of the year, as well as the S&P/Case-Shiller Home Price Index for October, the Richmond Fed's Business Surveys, and a look at chain store sales for the week leading up to Christmas.

Data on last week's initial jobless claims will be released on Thursday. And then Friday brings the New York NAPM Index and the Chicago Purchasing Managers Index.

According to the Standard & Poor's/Case-Shiller 20-city home price index, home prices increased during July, marking the fourth-straight month. During July, the home price index increased 0.6% compared to June and 3.2% from a year earlier. While this is good news, seven of the cities surveyed saw monthly declines, while gains in a number of the cities were weaker than a month earlier.

There is fear that the home-buying boost provided by the government tax credits is wearing off. If this is the case, we could see weak demand cropping up from the housing sector. The fear is that the record number of foreclosures, job concerns and weak demand from buyers are pointing to weaker home sales in the coming months. Nevertheless, the news will be viewed as positive. That is simply the way that many analysts will cling to good news.

Is a ray of light emerging in the U.S. housing market? Perhaps. Home prices in 20 cities declined, but they dropped at a slower 12-month pace in February than in January, according to the S&P/Case-Shiller U.S. National Home Price survey. (pdf)

Home prices fell 2.2 percent in February and are down 18.6 percent in the past 12 months; that compares with 2.8 percent and 19.0 percent, respectively, in January. It is the first time in 16 months the decline in prices did not set an annual record -- a statistic that suggests the housing market is attempting to form a bottom. The index has fallen every month since January 2007.

The decline in U.S. home values continues. Home prices in 20 top U.S. cities declined at the fastest pace ever, on a year-over-year basis, as foreclosures increased and banks sought to unload homes by selling at cut-rate prices.

Home prices in a 20-city sample plunged 16.6% in August, on a year-over-year basis in, according to the S&P / Case-Shiller U.S. National Home Price survey (pdf). The index has fallen every month since January 2007. Further, prices in a 10-city survey plummeted a record 17.7% in August on a year-over-year basis.

Economists surveyed by Bloomberg News had expected home prices in the 20-city Case-Shiller index to decline 15.9-17.1% in August on a year-over-year basis.

Large price declines in western U.S.

The areas with the largest annual percentage declines were: Phoenix, -30-7%, Las Vegas, -30.6%, Miami, 28.1%, San Francisco, -27.3%, Los Angeles, -26.7%, San Diego, -25.8%.

Not one Top 20 metro area experienced a year-over-year increase in home values as of August and only two cities saw an increase in home prices in the month of August: Cleveland, 1.1% and Boston, 0.2%. Prices in Denver were flat in August.

U.S. home prices in 20 major cities declined 2.4% in January (pdf) 2008 -- a record, according to the Case-Shiller Home Price Index released Tuesday.

Meanwhile, the 10-city composite set yet another new record with an annual decline of 11.4%. The 20-city composite recorded an annual decline of 10.7%.

Las Vegas and Miami were the weakest markets in January 2008, reporting double-digit annual declines of 19.3%, followed by Phoenix with an 18.3% decline.