Home Prices Fall Further
- The Bonez
The S&P/Case-Shiller home price index was released on Tuesday, showing US home prices fell more than expected in October, a sign housing could remain an obstacle to recovery for the overall economy well into 2011.
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The index fell 0.8 percent as compared with October 2009, according to the release, the biggest year-to-year decline for the index since December 2009. The decrease was substantially more than the 0.2 percent decline projected by economists in a recent Bloomberg News survey.
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A high number of foreclosures are still waiting to reach the market, meaning there will be even more downward pressure on home prices in 2011. Federal Reserve policy makers said this month that "depressed" housing and continued high unemployment continue to constrict consumer spending, reasons they cited for extending monetary stimulus measures.
The Bloomberg survey was based on projections of 17 economists. Their estimates ranged from an increase of 1.4 percent to a decline of 1.3 percent. Year-to-year movement has been tracked since 2001, and prices rose 0.4 percent, year-to-year, in September.
18 of the 20 cities in the Case-Shiller index saw a decline in October, led by Atlanta, Georgia, where prices fell 2.1 percent. Denver, Colorado and Washington, DC were the only two cities that saw an increase. The index, as a whole, is down 30 percent from its peak set in July, 2006.
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