American house prices

American house prices

Grim realty

Mar 26th 2008
From Economist.com

AFTER the gain for some, the pain continues for many American property owners. According to the newly published S&P/Case-Shiller index, house prices in ten metropolitan areas fell by 11.7% in January compared with the year before, the biggest fall since the index was created in 1987. The larger 20-city index tumbled by 10.7%. Sunbelt cities which earlier saw the most dramatic price rises are now enduring the hardest falls. Only Charlotte has yet to succumb to declining prices. The OFHEO's index of homes guaranteed by Fannie Mae or Freddie Mac fell by 3% from 2007, also showing an accelerating slide.

AP