Investing.com – The S&P/Case-Shiller home price index rose less-than-expected in September, industry data showed on Tuesday.
In a report, Standard & Poor with Case-Shiller said its house price index rose by 0.6% in September, after rising by 1.7% in August.
Analysts expected the house price index to rise by 1.0% in September.
The report also showed that the index declined by 2.0% in the third quarter, after rising by 4.7% in the preceding quarter.
Commenting on the report, David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s said, “Another weak report; weaker than last month. While some of the bad numbers may reflect the end of the government’s tax incentive for first time homebuyers, there are other problems weighing on the housing market.”
He added, “The national economy is certainly the number one issue for housing. Additionally, there is a large supply of houses on the market and further, hidden, supply due to delinquent mortgages, pending foreclosures or vacant homes. New construction is running at less than half the pace needed to meet normal demand, so a sustained recovery could be a ways off.”
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD tumbling 1.01% to hit 1.2993.
Meanwhile, the outlook for U.S. equity markets was downbeat: Dow Jones Industrial Average futures indicated a drop of 0.80%, S&P 500 futures pointed to a sharp decline of 0.94% and Nasdaq 100 futures tumbled 1.06%.
In a report, Standard & Poor with Case-Shiller said its house price index rose by 0.6% in September, after rising by 1.7% in August.
Analysts expected the house price index to rise by 1.0% in September.
The report also showed that the index declined by 2.0% in the third quarter, after rising by 4.7% in the preceding quarter.
Commenting on the report, David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s said, “Another weak report; weaker than last month. While some of the bad numbers may reflect the end of the government’s tax incentive for first time homebuyers, there are other problems weighing on the housing market.”
He added, “The national economy is certainly the number one issue for housing. Additionally, there is a large supply of houses on the market and further, hidden, supply due to delinquent mortgages, pending foreclosures or vacant homes. New construction is running at less than half the pace needed to meet normal demand, so a sustained recovery could be a ways off.”
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD tumbling 1.01% to hit 1.2993.
Meanwhile, the outlook for U.S. equity markets was downbeat: Dow Jones Industrial Average futures indicated a drop of 0.80%, S&P 500 futures pointed to a sharp decline of 0.94% and Nasdaq 100 futures tumbled 1.06%.