Home prices and consumer confidence fallPosted by RJ and Makay on Mar 27, 2012 |
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U.S. home values dropped for the fifth month in a row to their lowest level since 2003, according to the S&P/Case-Shiller Index. The rolling three-month index, which is a composite of home prices in 20 U.S. cities, fell 0.8% in January. And over the past 12 months, prices have fallen 3.8% despite signs of an economic recovery. Of the twenty metropolitan areas in the index, only Miami, Phoenix and Washington D.C. saw increases.
Consumer confidence in August fell to its lowest level in more than two years, according to Tuesday’s Conference Board report. High unemployment, partisan wrangling over the budget, and volatile stock markets sank the index to 44.5 from a downwardly revised 59.2 in July, the lowest level since April 2009. It was the biggest month-to-month point drop since October 2008.
