US house prices fall for eighth consecutive month

| April 26, 2011 | 0 Comments
US house prices fall for eighth consecutive month

The Standard & Poor’s/Case-Shiller composite index of 20 metropolitan areas fell in February – the eighth consecutive monthly decline.

According to the index, house prices were 0.2% lower in February on a monthly basis, falling to their lowest level since the 2009 recession.

The S&P/Case-Shiller index for 20 main US cities fell by 3.3% on an annual basis.

Commenting on the index, David Blitzer, S&P’s index committee head, said: “There is very little, if any, good news about housing.

“Prices continue to weaken, trends in sales and construction are disappointing,” he added.

Of the 20 cities monitored by the closely-watched index, 19 registered falling prices over the past year.

The one exception was Detroit where prices noted a 1% increase. However, 10 cities saw prices hit fresh lows.

Today’s figures again highlight the fragility of the US housing market with many suggesting it is holding back the recovery of the world’s largest economy.

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