Tuesday, January 31, 2012

Home prices drop more than expected in November: S&P

NEW YORK (Reuters) - Single-family home prices fell more than expected in November, highlighting the struggle for a sector yet to make a meaningful recovery, a closely watched survey showed on Tuesday.

The S&P/Case-Shiller composite index of home prices in 20 metropolitan areas declined 0.7 percent on a seasonally adjusted basis, a bigger drop than the 0.5 percent economists had expected.
The decrease added on to the 0.7 percent decline seen in October.

"The consensus view was that the rate of decline in home prices was slowing, and in fact what we've seen at the end of the year is that the rate of decline in home prices is accelerating," said Christopher Low, chief economist at FTN Financial in New York.

Read more: http://finance.yahoo.com/news/home-prices-drop-more-expected-140253741.html

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