U.S. Economy: Home Prices Decrease, Approach Recession Low

Residential real-estate prices dropped in the 12 months to February by the most in more than a year, putting the market on the verge of eclipsing the nadir reached during the U.S. recession.

The S&P/Case-Shiller index of property values in 20 cities fell 3.3 percent from February 2010, the biggest year-over-year decline since November 2009, the group said today in New York. At 139.27, the gauge was just shy of the six-year low of 139.26 in April 2009, two months before the economic slump ended.

Values will probably keep falling as foreclosures swell the supply of unsold homes, which means the construction industry will take time to recover. Another report showed consumer confidence climbed more than forecast this month, making it more likely that spending will keep growing as the economic expansion creates jobs and stock prices advance.

Read Full Article from BusinessWeek

- Posted: 2011-04-26 11:27:05

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