U.S. Housing Market
March 1, 2012 by staff
U.S. Housing Market, US housing prices in December crashed to their lowest level since the onset of the country’s housing crisis in 2006, sparking fears that the market has “re-entered a period of decline”.
Home prices in the fourth quarter slumped 4% year-on-year, according to the Standard & Poor’s / Case-Shiller Home Price Indices.
David Blitzer, chairman of the Standard & Poor’s index committee, said: “While we thought we saw some signs of stabilisation in the middle of 2011, it appears that neither the economy nor consumer confidence was strong enough to move the market in a positive direction as the year ended.”
“After a prior three years of accelerated decline, the past two years has been a story of a housing market that is bottoming out but has not yet stabilised.”
Blitzer added that the grim figures had dispelled beliefs that the worst had passed.
“Up until today’s report we had believed the crisis lows for the (10-city and 20-city) composites were behind us,” he said. “Now it looks like neither was the case, as both hit new record lows in December 2011.
“The pick-up in the economy has simply not been strong enough to keep home prices stabilised. If anything it looks like we have re-entered a period of decline as we begin 2012.”
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