WORLD> America
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WORLD> America
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US home prices tumble in April at record rate
(Agencies)
Updated: 2008-06-25 00:07 While the government report has shown nationwide price declines, the Case-Shiller index has shown far greater drops because it focuses on larger cities where prices rose further during the boom years, and includes riskier loans. No surveyed city stayed above water, according to the Case-Shiller index. The last holdout, Charlotte, N.C., finally succumbed to the national housing downturn, with prices there slipping 0.1 percent from a year ago. Las Vegas and Miami both continue to post the largest declines, falling 26.8 percent and 26.7 percent, respectively. However, the annual declines in Denver, Dallas and Cleveland were less severe than in the previous month, but Maureen Maitland, a S&P vice president, is reluctant to peg that as an indication of stabilization. "We wouldn't call a trend on one-month data," she said. The report also showed prices in eight metro areas increased in April from March, but the gains could be seasonal blips as the home-buying spring season starts up rather than a sign of a turnaround, Maitland said. The housing slump, along with higher food and fuel prices and disruptions in the credit markets, has taken its toll on consumer sentiment. An industry group Tuesday said US consumer confidence fell unexpectedly sharply in June to the fifth-lowest level ever. The Conference Board's reading of consumers' expectations also hit an all-time low. |
