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Home Prices in U.S. Cities Probably Fell

 
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hurricanemaxi



Joined: 17 Sep 2011
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PostPosted: Tue Sep 27, 2011 4:15 am    Post subject: Home Prices in U.S. Cities Probably Fell Reply with quote

Home prices in the U.S. probably declined in July from a year earlier, depressed by an imbalance between supply and demand that shows little sign of easing, economists said before a report today.

The S&P/Case-Shiller index of property values in 20 cities fell 4.4 percent from July 2010, the 10th consecutive year-to- year drop, according to the median forecast of 27 economists surveyed by Bloomberg News. Another report may show consumer confidence held in September near a two-year low.

Unemployment, stagnant wages and falling stock prices may keep weighing on sentiment, prompting homebuyers to hold off just as foreclosures swell the number of properties on the market. The housing slump was among dangers that prompted the Federal Reserve to take additional steps last week to prevent the world’s largest economy from sliding back into a recession.

“The risks are on the downside for U.S. home prices given the overhang of unsold homes and the weakness in the labor market,” said Sal Guatieri, a senior economist at BMO Capital Markets in Toronto. “Foreclosure rates remain high, and that will likely put downward pressure on prices.”

The data from S&P/Case-Shiller are due at 9 a.m. New York time. Economists’ estimates ranged from declines of 5.5 percent to 4 percent.

The report may also show the market is bouncing along the bottom rather than deteriorating further. Prices may have risen 0.1 percent from the prior month following a 0.06 percent decline in June, according to economists’ forecasts.
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