Home Prices Drop, And Consumers Turn Gloomy [View all]
By Leah Schnurr
NEW YORK | Tue Jan 31, 2012 11:16am EST
(Reuters) - Home prices fell more steeply than expected in November, and consumer confidence soured in January, highlighting the hurdles still facing the economic recovery.
The S&P/Case-Shiller composite index of single-family home prices in 20 metropolitan areas declined 0.7 percent on a seasonally adjusted basis, a survey showed on Tuesday, a bigger drop than the 0.5 percent economists expected.
The decrease added on to the 0.7 percent decline seen in October from September.
Separately, a report from The Conference Board said an index of consumer attitudes fell to 61.1 in January from a revised 64.8 the month before, as Americans turned gloomy about the job market and their income prospects.