Foreclosures, High Inventories Weigh on Market; Consumer Confidence Rises
Home prices nationwide slipped for the fifth straight month in February as many markets remained under pressure from foreclosures and high inventories.Meanwhile, consumer confidence rose in April to its highest level since the financial crisis struck in September 2008.
The S&P/Case-Shiller index tracking home prices across 20 metropolitan areas fell 0.9% during the month from January, as all but one city—San Diego—posted declines. Compared with a year ago, however, prices rose nationwide for the first time since December 2006. Eleven out of 20 cities included in the index posted annual declines, underscoring the wide variation in housing conditions across markets.After picking up last spring, home prices nationwide appear to be bouncing around without large swings, said David Blitzer, chairman of the Standard & Poor’s Index Committee. "The good news is we don’t seem to have a continuing housing bust," he said. "The bad news is we don’t seem to have an incredible price recovery."
By Sudeep Reddy, April 28, 2010 WSJ