US home prices at lowest since crisis began
US home prices extended their slump in December, falling to their lowest level year on year since the housing crisis began in mid-2006, while durable goods orders fell sharply in January. The latest data releases send mixed signals about an economic recovery even as consumer confidence rose sharply.
The S&P/Case-Shiller home price index fell 4 per cent against the same month in 2010. The index tracks monthly changes in the value of residential real estate in 20 metropolitan regions across the US.
Prices fell in 18 of the 20 cities in December. The index declined 1.1 per cent, but dipped 0.5 per cent on a seasonally adjusted basis. Analysts had expected prices to decline by 0.7 per cent. Miami and Phoenix were the only cities to record rises for the month, up 0.2 per cent and 0.8 per cent respectively, on a non-seasonally adjusted basis.
On a year-on-year basis, Detroit was the only city where prices rose, up 0.5 per cent. Atlanta had the steepest fall, with prices declining 12.8 per cent compared with December 2010.
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