The fall of 18.5 per cent in the year to December in the Case-Shiller index was the biggest fall since the measure, published by Standard and Poor's, started 21 years ago. House prices have now fallen to levels last seen during the third quarter of 2003.
“The mix of a sharply deteriorating labour market, associated weakness in personal income, broader negative wealth effects from other asset classes, a massive overhang of actual and potential supply, and troubled credit availability [is] swamping the record affordability measures,” said Alan Ruskin, strategist at RBS Greenwich Capital. “Cheap just does not do it.”
Meanwhile, US consumer confidence fell to a new low in February, sinking to 25 from 37.4 in January.
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