Investing.com – The S&P/Case-Shiller home price index fell more-than-expected in October, declining for the 16th 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 3.4% in October, disappointing expectations for a 3.2% decline.
U.S. home prices in September fell by 3.5%, after being revised from a previously reported 3.6% decline.
Month-on-month, U.S. home prices fell by 0.6% in October, compared to expectations for a 0.4% decline, after falling by a revised 0.7% in September.
Nationally, home prices are still below where they were a year ago. The index is now down 32.1% from its peak in 2006.
Commenting on the report, David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s said, “There was weakness in the monthly statistics, as 19 of the cities posted price declines in October over September.”
Following the release of the data, the U.S. dollar remained modestly lower against the euro, with EUR/USD easing up 0.05% to trade at 1.3066.
Meanwhile, U.S. stock index futures held on to losses. The Dow Jones Industrial Average futures indicated a modest decline of 0.25%, S&P 500 futures dipped 0.2%, while the Nasdaq 100 futures slipped 0.2%.
In a report, Standard & Poor with Case-Shiller said its house price index fell at an annualized rate of 3.4% in October, disappointing expectations for a 3.2% decline.
U.S. home prices in September fell by 3.5%, after being revised from a previously reported 3.6% decline.
Month-on-month, U.S. home prices fell by 0.6% in October, compared to expectations for a 0.4% decline, after falling by a revised 0.7% in September.
Nationally, home prices are still below where they were a year ago. The index is now down 32.1% from its peak in 2006.
Commenting on the report, David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s said, “There was weakness in the monthly statistics, as 19 of the cities posted price declines in October over September.”
Following the release of the data, the U.S. dollar remained modestly lower against the euro, with EUR/USD easing up 0.05% to trade at 1.3066.
Meanwhile, U.S. stock index futures held on to losses. The Dow Jones Industrial Average futures indicated a modest decline of 0.25%, S&P 500 futures dipped 0.2%, while the Nasdaq 100 futures slipped 0.2%.