Single-family Home Prices Tumble in March – Reuters

May 28, 2008

Single-family Home Prices Tumble in March – Reuters

By Joanne Morrison

WASHINGTON (Reuters) – Prices of U.S. single-family homes plunged a record 14.4 percent in March from a year earlier, while consumer confidence slumped to its lowest in 16 years in May as gasoline prices surged.

The Standard & Poor’s/Case Shiller composite index of 20 metropolitan areas released on Tuesday showed prices of previously owned homes fell 2.2 percent in March, deepening their year-on-year decline.

Separately, the Conference Board said its consumer confidence index slumped to 57.2 this month from 62.8 in April as rising gasoline costs and falling home prices made Americans increasingly nervous both about current conditions and the future.

In one positive sign, however, the Commerce Department said sales of newly constructed single-family homes rose in April for the first time in six months, while the inventory of unsold new homes declined for the 12th straight month. But the previous month’s decline was even steeper than first reported.
Joanne talks more about the housing price problem at Reuters

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