Tuesday, October 26, 2010

US house prices fall again in August

US house prices dip again in August

US house prices began falling again in August after the expiry of homebuyers' tax credits, a survey suggests. Prices were down 0.3% versus the previous month, on a seasonally-adjusted basis, according to the Case-Shiller index of 20 major US cities. The data - which is actually an average of house prices during June, July and August - was lower than expected. Separately, figures showed US consumer confidence rose in October, although it remains at historically low levels.

Posted by jack c @ 04:23 PM (968 views)
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2 thoughts on “US house prices fall again in August

  • I hate the media’s use of the word ‘dip’ in relation to house prices.

    To ‘dip’ something means to immerse or lower something only briefly. The implication is a temporary glitch on an otherwise uninterupted upward trajectory. In the interests of balance, in these uncertain times, these same journalists should be forced to say ‘house prices spiked…’ instead of using terms like hiked, soared, increased etc.

    Rant over!

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  • mark wadsworth says:

    It’s funny how most newspapers are happy to say that prices fell once the homebuyer tax credits expired, which is as much as saying that all the homebuyer tax credits did was push up prices by the same amount, i.e. they benefitted the vendor not the purchaser.

    If you oppose subsidies to homeownership or buying a home on the grounds that it is a waste of money because all that happens is that selling prices go up, you usually get laughed at.

    Why is it so difficult for people to take these logical steps? I have been trying to explain this to people for twenty years, and usually I just earn blank stares or ridicule.

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