Skip to: Content
Skip to: Site Navigation
Skip to: Search

May 13, 2008 8:44:25 AM CDT

Learn about Newser Points »

Back to the grid

Home Prices Take Record Dive  

Posted Apr 29, 08 11:24 AM CDT in Business    Most Covered

(newser) – A key measure of home prices fell fell 12.7% in February, the biggest decline in its 7 years of existence, and consumer confidence measured this month hit a 5-year low, Bloomberg reports. The S&P/Case-Shiller home price index reflects the crush of foreclosures and resultant tightening of lending standards. “There is no sign of a bottom in the numbers,” said an S&P spokesman.

The Conference Board’s consumer confidence index fell to 62.3 in April, from an upwardly revised 65.9 in March. The index was up at 90.6 as recently as December. Consumers are especially pessimistic about the present situation, the Wall Street Journal reports. Last week the Conference Board released its own grim housing report, showing that supply hasn’t been this high in nearly 30 years.

Sources Bloomberg, Wall Street Journal

open commentscomments (0)

Editor Recommended

Luxury homes doing fine
Wall Street Journal | Apr 29, 08 Subscription

Consumer confidence at 5-year low
MarketWatch | Apr 29, 08

Stocks fall on reports
Bloomberg | Apr 29, 08

Future indicators don't look any better
Bloomberg | Apr 29, 08

Related News

  • New-Home Sales Hit Lowest Level Since '91

    Apr 24, 08 10:53 AM CDT
    New-Home Sales Hit Lowest Level Since '91 New-home sales fell yet again in March, the Wall Street Journal reports, with single-family sales off 8.5% to an annual rate of 526,000, the lowest level since 1991. Analysts had expected a drop of only 1.9%. The median price, meanwhile, plummeted 13.3%, to $227,600. With an 11-month supply of homes available—the most since 1981—prices will likely continue to fall. More »

  • March Home Sales, Prices Fall

    Apr 22, 08 10:02 AM CDT
    March Home Sales, Prices Fall Prices on existing homes fell in March, but buyers stayed away, either unable to get loans, or betting on yet bigger drops, Bloomberg reports. Sales dropped 2%, to an annual rate of 4.93 million, as the median price fell to $200,700 from $217,400 last year. The number of available homes meanwhile swelled by 40,000, exacerbating supply problems. More »

  • Durable Goods, New Homes Take Hit in February

    Mar 26, 08 11:21 AM CDT
    Durable Goods, New Homes Take Hit in February Durable goods took an unexpected tumble in February, the Commerce Department announced today, with a 1.7% drop headlining a raft of bad economic news. Analysts expected a 0.8% increase. “Businesses definitely have shown they are beginning to retrench,” one analyst told Bloomberg. “Demand is weakening.” New-home sales, meanwhile, fell 1.8% to a 13-year low, despite a median-price drop to $244,100. More »

  • Home Prices, Consumer Confidence Nosedive

    Mar 25, 08 9:58 AM CDT
    Home Prices, Consumer Confidence Nosedive Home prices plummeted again in January, falling a record 10.7% compared to January 2007, according to the bellwether S&P Case/Shiller Hope Price composite. The March consumer confidence index, also out today, plunged to a 5-year low in yet another indication of recession, Bloomberg reports. The Conference Board measures consumer confidence as well as expectations for the next 6 months; that metric fell to a level not seen since the Nixon administration. More »

  • Surprise! Existing Home Sales Jump

    Mar 24, 08 10:45 AM CDT
    Surprise! Existing Home Sales Jump Existing home sales stunned Wall Street today with an unexpected spike, Bloomberg reports. The metric rose 2.9% in February to an annual pace of 5.03 million. Analysts had predicted yet another decline, to a 4.85 million pace. But one economist said this was only a “temporary pause.” “We’re still a long way from a recovery in housing,” he warned. More »

Home Prices Take Record Dive
A realty sign indicating a reduced price stands out a home for sale in south Denver on Sunday, March 23, 2008.   (AP Photo/David Zalubowski, file)
Home Prices Take Record Dive
A row of realty signs advertise homes for sale in Sausalito, Calif., Monday, April 21, 2008.   (AP Photo/Eric Risberg)
Home Prices Take Record Dive
A sign noting a reduction in price tops the sale placard outside an existing home on the market in south Denver in this Feb. 17, 2008 file photo.   (AP Photo/David Zalubowski, file)
Home Prices Take Record Dive
A property is offered for sale at reduced price Wednesday, Feb. 13, 2008, in Los Angeles.   (AP Photo/Damian Dovarganes)
prev   next
play

Threads (1 of 2)

Tags

housing market  • home prices  • economic indicators  • Case Shiller price index


Loading...

Loading...

Related Threads: Housing Market, Is It Recession?

Next story from this section »

Today's Most Popular

Loading...

Other Business Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »