Foreclosures Provide Slippery Slope for Home Prices

Bloomberg says the S&P (Standard & Poor) Case/Shiller index of home prices fell in March 3.6 percent from March 2010, registering the biggest year-to-year decline since November 2009.  Housing prices are the lowest since 2003 according to this survey of 20 U.S. cities.  The first quarter of the year saw home prices fall 5.1 percent from the Q1 2010, and 4.2 percent from the previous quarter.  The increasing foreclosures and resulting housing glut will prevent new home construction from picking up.  Paul Dales, a senior U.S. economist at Capital Economics Ltd. in Toronto, said, “I wouldn’t be surprised to see prices continue to fall this year and maybe into next year.”

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