{"id":250,"date":"2008-08-26T14:01:49","date_gmt":"2008-08-26T14:01:49","guid":{"rendered":"http:\/\/www.the-finance-zone.co.uk\/?p=250"},"modified":"2008-08-26T14:01:49","modified_gmt":"2008-08-26T14:01:49","slug":"us-house-prices-see-record-fall","status":"publish","type":"post","link":"https:\/\/the-finance-zone.co.uk\/index.php\/2008\/08\/26\/us-house-prices-see-record-fall\/","title":{"rendered":"US house prices ‘see record fall’"},"content":{"rendered":"

<\/a>US house prices were down a record 15.4% in the April and June quarter compared with a year ago, according to a closely-watched report.<\/strong><\/p>\n

The decline was recorded by the latest S&P\/Case-Shiller survey of US national home prices.<\/p>\n

The report said the falls were nationwide in the latest sign that the US housing downturn is continuing.<\/p>\n

The figures come a day after a separate study said the volume of home sales in July were down 13.2 on the year. <\/p>\n

‘Mortal enemy’<\/strong><\/p>\n

<\/a>\"\"<\/a>Housing analyst Gary Shilling said a key problem for the housing market was the oversupply of unsold new homes built during the recent boom years, which he estimated still stood at 1.8 million properties.<\/p>\n

“The key point is we are a long way from bottoming out,” he said.<\/p>\n

“The bulls keep hoping otherwise, but the basic problem is excess inventories. They are the mortal enemy of prices.”<\/p>\n

The S&P\/Case-Shiller survey bases its findings on 20 of the largest US cities.<\/p>\n

Those that saw the biggest drop in prices from the second quarter of 2007 to that of this year were the sunbelt cities of Las Vegas (-28.6%), Miami (-28.3%), and Phoenix (-27.9%). Falls were also particularly sharp in Southern California, which had previously seen a huge boom.<\/p>\n

The least affected city was Charlotte, North Carolina, which saw prices fall only 1%.<\/p>\n

The continuing falls in the housing market are likely to prove a further headache for the banking sector, which has suffered huge losses as the value of its bonds linked to house prices has fallen.<\/p>\n","protected":false},"excerpt":{"rendered":"

US house prices were down a record 15.4% in the April and June quarter compared with a year ago, according<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","footnotes":""},"categories":[23],"tags":[],"class_list":["post-250","post","type-post","status-publish","format-standard","hentry","category-house-market"],"_links":{"self":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/250","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=250"}],"version-history":[{"count":0,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/250\/revisions"}],"wp:attachment":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=250"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=250"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=250"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}