Thursday, December 27, 2007

Wow is this in just 1 month?

Worst decline in American house prices may not be finished yet

American house prices declined at their fastest rate for more than six years in October, with homes in Miami losing 12 per cent of their value, it emerged yesterday. According to the Standard & Poor’s/Case Shiller index of house prices in the US, the value of existing, single-family homes fell 6.7 per cent in October compared with the same period the year before. The figures indicate that America’s housing recession – already the worst for 16 years – is far from over. Professor Robert Shiller, co-founder of the index and an economics academic at Yale University, said: “No matter how you look at these data, it is obvious that the state of the single-family housing market remains grim.” The 6.7 per cent fall surpasses a 6.3 per cent drop in April 1991

Posted by cheeky charlie @ 09:44 AM (520 views)
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