Glut of Foreclosures Keeps Pressure on Housing Market; Consumer Confidence Jumps
Home prices declined in September and are poised for a grim winter as banks step up their efforts to take back and sell foreclosed properties.
Prices fell 0.6% from August, according to the widely watched Standard & Poor’s/Case-Shiller index of 20 major metropolitan areas, breaking a five-month run of increases during the spring and summer, when higher sales volumes typically firm up prices.
For the third quarter, prices were down 3.9% nationwide compared with a year earlier, a slight improvement from the 5.8% annual decline recorded at the end of June, according to the Case-Shiller National Index.
The author of this article is: Nick Timiraos and Josh Mitchell
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