Investing.com – The S&P/Case-Shiller home price index fell more-than-expected in March, declining for the ninth consecutive month, industry data showed on Tuesday.
In a report, Standard & Poor with Case-Shiller said its house price index fell by -3.6% in March, after dropping by -3.3% in February.
Analysts expected the house price index to fall by -3.4% in March.
The report showed that U.S. home prices declined by 4.2% in the first quarter of 2011 after falling by 3.6% in the fourth quarter of 2010.
The National Index hit a new recession low with the first quarter’s data and posted an annual decline of 5.1% versus the first quarter of 2010. Nationally, home prices are back to their mid-2002 levels.
Commenting on the report, David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s said, “This month’s report is marked by the confirmation of a double-dip in home prices across much of the nation.”
“Home prices continue on their downward spiral with no relief in sight,” Mr. Blitzer added.
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD gaining 0.84% to hit 1.4402.
Meanwhile, the outlook for U.S. equity markets was upbeat. The Dow Jones Industrial Average futures pointed to a rise of 0.85%, S&P 500 futures indicated a gain of 0.9%, while the Nasdaq 100 futures rallied 1%.
In a report, Standard & Poor with Case-Shiller said its house price index fell by -3.6% in March, after dropping by -3.3% in February.
Analysts expected the house price index to fall by -3.4% in March.
The report showed that U.S. home prices declined by 4.2% in the first quarter of 2011 after falling by 3.6% in the fourth quarter of 2010.
The National Index hit a new recession low with the first quarter’s data and posted an annual decline of 5.1% versus the first quarter of 2010. Nationally, home prices are back to their mid-2002 levels.
Commenting on the report, David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s said, “This month’s report is marked by the confirmation of a double-dip in home prices across much of the nation.”
“Home prices continue on their downward spiral with no relief in sight,” Mr. Blitzer added.
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD gaining 0.84% to hit 1.4402.
Meanwhile, the outlook for U.S. equity markets was upbeat. The Dow Jones Industrial Average futures pointed to a rise of 0.85%, S&P 500 futures indicated a gain of 0.9%, while the Nasdaq 100 futures rallied 1%.