Investing.com – The S&P/Case-Shiller home price index fell slightly less-than-expected in January, declining for the seventh consecutive month, industry data showed on Tuesday.
In a report, Standard & Poor with Case-Shiller said its house price index fell by 3.1% in January, after dropping by 2.4% in December.
Analysts expected the house price index to drop by 3.3% in January.
Commenting on the report, David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s said, “The data confirms what we have seen with recent housing starts and sales reports. The housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery.”
“At most, we have seen all statistics bounce along their troughs; at worst, the feared double-dip recession may be materializing,” Mr. Blitzer added.
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD shedding 0.22% to hit 1.4056.
Meanwhile, the outlook for U.S. equity markets was upbeat. The Dow Jones Industrial Average futures indicated a gain of 0.26%, S&P 500 futures pointed to a rise of 0.25%, while the Nasdaq 100 futures eased up 0.05%.
In a report, Standard & Poor with Case-Shiller said its house price index fell by 3.1% in January, after dropping by 2.4% in December.
Analysts expected the house price index to drop by 3.3% in January.
Commenting on the report, David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s said, “The data confirms what we have seen with recent housing starts and sales reports. The housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery.”
“At most, we have seen all statistics bounce along their troughs; at worst, the feared double-dip recession may be materializing,” Mr. Blitzer added.
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD shedding 0.22% to hit 1.4056.
Meanwhile, the outlook for U.S. equity markets was upbeat. The Dow Jones Industrial Average futures indicated a gain of 0.26%, S&P 500 futures pointed to a rise of 0.25%, while the Nasdaq 100 futures eased up 0.05%.