The Financial Times reports:
“Home prices in the biggest US cities fell more than expected in November, raising doubts about the sustainability of the housing market recovery…
“House prices fell by 5.3 per cent year-on-year in November, according to the closely-watched S&P/Case-Shiller home price index. Although the pace of the price drops have been steadily slowing, the decline was sharper than economists projected.”…
“On balance, while these data do show that home prices are far more stable than they were a year ago, there is no clear sign of a sustained, broad-based recovery,” said David Blitzer, chairman of S&P’s index committee.
Talk about recovery….
