US home prices fall at record pace


	US home prices fall at record pace

JICWyllie

5-27-2008 6:26 PM

158 views

tags:

economy, consumers, housing, i-prices, i-decrease, i-record

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/9aaba39f-e1b4-4eda-aa64-5b5449b4192c/DED90123-1200-4C48-ACD0-6C6DD027938F/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.ft.com/cms/s/0/ed1f5e14-2bf3-11dd-9861-000077b07658.html?nclick_check=1" href="http://www.ft.com/cms/s/0/ed1f5e14-2bf3-11dd-9861-000077b07658.html?nclick_check=1" style="font-size: 11px;">www.ft.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/ed1f5e14-2bf3-11dd-9861-000077b07658.html?nclick_check=1">US house prices plunged by a record amount in the first three months of this year compared with the first quarter of 2007, a trend that could prolong the economic slowdown and cause further pain for homeowners facing foreclosure,</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/ed1f5e14-2bf3-11dd-9861-000077b07658.html?nclick_check=1">Meanwhile, rising petrol prices and a weakening labour market sent consumer confidence sliding to a 16-year low.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/ed1f5e14-2bf3-11dd-9861-000077b07658.html?nclick_check=1">The S&P/Case-Shiller national house price index, which covers about three-quarters of the country, was 14.1 per cent lower in the first quarter of 2008 than for the same period a year earlier, the sharpest drop in the 20-year history of the index.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/ed1f5e14-2bf3-11dd-9861-000077b07658.html?nclick_check=1">New home sales have fallen by 42 per cent over the past year, the most in almost 27 years.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/ed1f5e14-2bf3-11dd-9861-000077b07658.html?nclick_check=1">The Conference Board’s consumer confidence index this month fell to 57.2 from 62.8 in April, a figure far weaker than expected and the lowest reading since October 1992.</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/DED90123-1200-4C48-ACD0-6C6DD027938F/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>