Investing.com - The S&P/Case-Shiller home price index fell more-than-expected in December, declining for the 18th consecutive month, industry data showed on Tuesday.
In a report, Standard & Poor’s with Case-Shiller said its house price index fell at an annualized rate of 4.0% in December from a year earlier, disappointing expectations for a 3.6% decline.
U.S. home prices in November were revised to a decline of 3.9% from a previously reported 3.7% drop.
Month-on-month, U.S. home prices fell by 0.5% in December, compared to expectations for a 0.4% decline, after falling by 0.7% in November.
Commenting on the report, David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s said, “In terms of prices, the housing market ended 2011 on a very disappointing note.”
“With this month’s report we saw all three composite hit new record lows. While we thought we saw some signs of stabilization in the middle of 2011, it appears that neither the economy nor consumer confidence was strong enough to move the market in a positive direction as the year ended.”
Following the release of the data, the U.S. dollar trimmed losses against the euro, with EUR/USD gaining 0.25% to trade at 1.3432.
Meanwhile, U.S. stock future indices held on to modest gains after the release of the data. The Dow Jones Industrial Average futures pointed to a flat open, S&P 500 futures rose 0.05%, while the Nasdaq 100 futures pointed to an increase of 0.1%.
In a report, Standard & Poor’s with Case-Shiller said its house price index fell at an annualized rate of 4.0% in December from a year earlier, disappointing expectations for a 3.6% decline.
U.S. home prices in November were revised to a decline of 3.9% from a previously reported 3.7% drop.
Month-on-month, U.S. home prices fell by 0.5% in December, compared to expectations for a 0.4% decline, after falling by 0.7% in November.
Commenting on the report, David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s said, “In terms of prices, the housing market ended 2011 on a very disappointing note.”
“With this month’s report we saw all three composite hit new record lows. While we thought we saw some signs of stabilization in the middle of 2011, it appears that neither the economy nor consumer confidence was strong enough to move the market in a positive direction as the year ended.”
Following the release of the data, the U.S. dollar trimmed losses against the euro, with EUR/USD gaining 0.25% to trade at 1.3432.
Meanwhile, U.S. stock future indices held on to modest gains after the release of the data. The Dow Jones Industrial Average futures pointed to a flat open, S&P 500 futures rose 0.05%, while the Nasdaq 100 futures pointed to an increase of 0.1%.