This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7974653.stm
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
Version 0 | Version 1 |
---|---|
US house prices 'see record fall' | US house prices 'see record fall' |
(20 minutes later) | |
US house prices fell by a record 19% in January compared with a year earlier, according to a closely-watched index. | US house prices fell by a record 19% in January compared with a year earlier, according to a closely-watched index. |
The Standard & Poor's/Case-Shiller Home Price index records prices in 20 of the largest cities in the US. | The Standard & Poor's/Case-Shiller Home Price index records prices in 20 of the largest cities in the US. |
The index also showed a month-on-month fall as prices fell 2.8% in January compared with December. | The index also showed a month-on-month fall as prices fell 2.8% in January compared with December. |
Earlier this month, figures showed home construction in February rose by a quarter year-on-year, raising hopes the US housing market may be bottoming out. | Earlier this month, figures showed home construction in February rose by a quarter year-on-year, raising hopes the US housing market may be bottoming out. |
'Downward path' | 'Downward path' |
"Home prices, which peaked in mid-2006, continued their decline in 2009," said David Blitzer at S&P. | "Home prices, which peaked in mid-2006, continued their decline in 2009," said David Blitzer at S&P. |
"There are very few bright spots. Most of the nation appears to remain on a downward path, with all 20 metro areas reporting annual declines," he explained. | "There are very few bright spots. Most of the nation appears to remain on a downward path, with all 20 metro areas reporting annual declines," he explained. |
Jim Awad at Zephyr Management said: "I think what this says is that the rally in the [stock] markets is based on a hope that the economy is bottoming and that the housing market is bottoming. | |
"This data is part of the reality check we're going to get over the coming month." | |
From their peak in the second quarter of 2006, house prices have now fallen by 29.2%, according to the S&P/Case-Shiller index. | |
The 19% fall in January is the biggest drop since the index began in 1988. | The 19% fall in January is the biggest drop since the index began in 1988. |
Prices in Phoenix fell the most (35%), closely followed by Las Vegas (32.5%) and San Francisco (32.4%). | Prices in Phoenix fell the most (35%), closely followed by Las Vegas (32.5%) and San Francisco (32.4%). |
The smallest fall was in Dallas, where house prices fell by 4.9%. | The smallest fall was in Dallas, where house prices fell by 4.9%. |
Previous version
1
Next version