US house prices fall for third consecutive month

| November 30, 2010
US house prices fall for third consecutive month

The Standard & Poor’s/Case-Shiller composite index of 20 metropolitan areas fell more than expected in September.

According to the index, house prices were 0.8% lower compared with August.

David Blitzer, chairman of S&P’s index committee, comments: “While some of the bad numbers may reflect the end of the government’s tax incentive for first-time homebuyers, there are other problems weighing on the housing market.

“The national economy is certainly the number one issue for housing,” he added.

The US housing market has suffered of late after a Government incentive expired in April, which has, in turn, affected house prices.

According to the survey, Cleveland reported the largest decline in house prices, seeing a 3% fall on the month.

However, Washington and Las Vegas were the only metropolitan areas to see house prices rise.

In other US news today, consumer confidence surged ahead in November to a five-month high.

The reading from the closely-monitored Consumer Confidence Index from the Conference Board rose for the second consecutive month to 54.1 in November – up from a revised 49.9 in October and beating expectations of a reading of 52.5.

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