Home Values Dropping

Submitted by ub on Tue, 01/31/2012 - 13:25

US Housing prices are falling deeper than expected, while consumer confidence sours, highlighting the hurdles still facing the economic recovery.

Consecutively home prices have fallen in most cities measured, leaving average prices at levels seen in mid-2003. This was the third month in a row that average prices had fallen.

The S&P/Case-Shiller composite index of single-family home prices in 20 metropolitan areas declined 0.7 percent on a seasonally adjusted basis, a bigger drop than the 0.5 percent which was expected.