NEW YORK (CNNMoney.com) -- The market seems to have pulled the rug out from under housing industry hopes for a sustained early recovery.
After a five-month run-up in home prices starting last spring, prices have now fallen for four consecutive months, according to the S&P/Case-Shiller Home Price Index of 20 cities, a gauge of market values, released Tuesday.
In January, prices were down 0.4%, compared with December and have fallen 0.7% from a year earlier.
"The rebound in housing prices seen last fall is fading," said David Blitzer, chairman of the Index Committee at Standard & Poor's. "Fewer cities experienced month-to-month gains in January."
Tuesday, March 30, 2010
Considering that home value/equity is by far the greatest constituent of personal wealth in this country, this is very bad news.
Posted by traderrob at 11:58 AM