From the FINANCIAL TIMES:
The US housing market continued its decline in March as the impending end of the homebuyer tax credit further pressured prices.
Home prices in the Case Shiller 20-city index fell 0.5 per cent on a non-seasonally adjusted basis. The fall was not as steep as it had been in February, when it dropped 0.9 per cent, but was faster than any other month since April 2009. The 10-city index, which contains the majority of the most volatile cities, fell 0.3 per cent.
Detroit – home to the US’s ailing auto industry – and Chicago were the hardest-hit cities, with house prices falling by 4.1 per cent and 2.3 per cent respectively. Californian cities experienced drastically different fortunes in March, with San Diego and San Francisco showing the index’s strongest gains, and Los Angeles extending its declines…
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