Investing.com – The S&P/Case-Shiller home price index fell more-than-expected in September, declining for the fifteenth consecutive month, industry data showed on Tuesday.
In a report, Standard & Poor with Case-Shiller said its house price index fell at an annualized rate of 3.6% in September, disappointing expectations for a 3.0% decline.
U.S. home prices fell by an unrevised 3.8% in August.
Month-on-month, U.S. home prices fell by 0.6% in September, compared to expectations for a 0.1% decline, after falling by 0.3% in August.
Nationally, home prices are back to their first quarter of 2003 levels.
Commenting on the report, David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s said, “The plunging collapse of prices seen in 2007-2009 seems to be behind us. Any chance for a sustained recovery will probably need a stronger economy.”
Following the release of the data, the U.S. dollar turned higher against the euro, with EUR/USD edging down 0.13% to trade at 1.3302.
Meanwhile, U.S. stock index futures were mixed. The Dow Jones Industrial Average futures indicated a modest gain of 0.1%, S&P 500 futures rose 0.25%, while the Nasdaq 100 futures slipped 0.1%.
In a report, Standard & Poor with Case-Shiller said its house price index fell at an annualized rate of 3.6% in September, disappointing expectations for a 3.0% decline.
U.S. home prices fell by an unrevised 3.8% in August.
Month-on-month, U.S. home prices fell by 0.6% in September, compared to expectations for a 0.1% decline, after falling by 0.3% in August.
Nationally, home prices are back to their first quarter of 2003 levels.
Commenting on the report, David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s said, “The plunging collapse of prices seen in 2007-2009 seems to be behind us. Any chance for a sustained recovery will probably need a stronger economy.”
Following the release of the data, the U.S. dollar turned higher against the euro, with EUR/USD edging down 0.13% to trade at 1.3302.
Meanwhile, U.S. stock index futures were mixed. The Dow Jones Industrial Average futures indicated a modest gain of 0.1%, S&P 500 futures rose 0.25%, while the Nasdaq 100 futures slipped 0.1%.