US home prices in double dip

US home prices slumped for an eighth straight month in March, dropping below the bottom previously recorded in the housing bust in a sign of the persistent weakness of residential real estate.

A separate report showed consumer confidence sagged in May as Americans grew more pessimistic about the job market and inflation expectations rose.

Prices of single-family houses in the 20 largest US cities fell 0.2 per cent from February to March on a seasonally adjusted basis, according to the S&P/Case-Shiller home price index. The decline was in line with economists’ expectations and left the index at 138.16, below its low point of 139.26 in April 2009 and the lowest level since March 2003. Prices were 3.6 per cent below their level of a year ago, a bigger dip than the 3.4 per cent expected.

Read Full Article from Financial Times

- Posted: 2011-05-31 10:32:00

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