Investing.com – The S&P/Case-Shiller home price index fell less-than-expected in July, industry data showed on Tuesday.
In a report, Standard & Poor with Case-Shiller said its house price index fell by 3.2% in July, after rising by 4.2% in June.
Analysts expected the house price index to fall by 3.4% in July.
Commenting on the report, David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s said, “While we could still see some residual support from the homebuyers’ tax credit, anyone looking for home prices to return to the lofty 2005-2006 might be disappointed. Judging from the recent behavior of the housing market, stable prices seem more likely”.
He added, "The next few months may give us an idea of the true strength of the housing market, as the temporary economic stimuli will have ended. Housing starts, sales and inventory data reported for August do not show signs of a robust market, and foreclosures continue”.
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD gaining 0.38% to hit 1.3506.
Meanwhile, the outlook for U.S. equity markets was upbeat: Dow Jones Industrial Average futures indicated a rise of 0.18%, S&P 500 futures pointed to an increase of 0.15% and Nasdaq 100 futures were up 0.36%
In a report, Standard & Poor with Case-Shiller said its house price index fell by 3.2% in July, after rising by 4.2% in June.
Analysts expected the house price index to fall by 3.4% in July.
Commenting on the report, David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s said, “While we could still see some residual support from the homebuyers’ tax credit, anyone looking for home prices to return to the lofty 2005-2006 might be disappointed. Judging from the recent behavior of the housing market, stable prices seem more likely”.
He added, "The next few months may give us an idea of the true strength of the housing market, as the temporary economic stimuli will have ended. Housing starts, sales and inventory data reported for August do not show signs of a robust market, and foreclosures continue”.
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD gaining 0.38% to hit 1.3506.
Meanwhile, the outlook for U.S. equity markets was upbeat: Dow Jones Industrial Average futures indicated a rise of 0.18%, S&P 500 futures pointed to an increase of 0.15% and Nasdaq 100 futures were up 0.36%