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U.S. Home Prices Have Smallest Decline in 10 Months
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U.S. home prices had the smallest annual drop in 10 months, signaling the worst may be over for the three-year housing slump at the center of a global recession.
Prices fell 5.6 percent in May from a year earlier and rose 0.9 from April, the Federal Housing Finance Agency in Washington said today. Economists expected a 0.2 percent drop for the month, according to the median of 16 estimates in a Bloomberg survey.
Five U.S. regions showed price increases in May from April, the FHFA said. Job losses and record foreclosures have deterred buyers and slashed U.S. home prices 33 percent since the July 2006 peak, according to the S&P/Case-Shiller index. The highest unemployment since 1983... Full Story |
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Submitted Jul 22, 2009 10:57am
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