US Nov home prices dip, annual drop improves-S&P

U.S. home prices slipped in November and were softer than expected in the latest sign that a rebound in the U.S. housing market is still tenuous, according to Standard & Poor's/Case-Shiller indexes on Tuesday.

The S&P composite index of home prices in 20 metropolitan areas slipped 0.2 percent in November after a revised 0.1 percent October dip, for a 5.3 percent annual drop.

A Reuters survey had forecast a 0.1 percent November rise. Prices were originally reported as unchanged in October.

"Up until a while ago it looked like home prices might have bottomed," said Suvrat Prakash, U.S. interest rate strategist at BNP Paribas. "There might be a double dip in home prices, which could feed through to the rest of the economy," he said, adding that housing still faces many hurdles.

Read Full Article from Reuters

- Posted: 2010-01-26 10:31:55

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