The S&P/Case-Shiller index of property values in 20 cities fell 4.5 percent from May 2010, the group said today in New York. The decline matched the median forecast of 32 economists surveyed by Bloomberg News.
A pipeline of foreclosures and uneven demand will keep prices from rising this year, discouraging new-home construction and delaying a rebound in housing. Shrinking home equity and an unemployment rate at 9.2 percent are weighing on consumer spending, which accounts for about 70 percent of the economy.
Interview: Former Senior CIA Official Defends Interrogation Program, Blasts 'Political' Report | Guy Benson
Christie to Obama: Cuba Should Send Back Cop Killer Joanne Chesimard Before U.S. Goes Further With Normalization | Katie Pavlich
Former FBI Assistant Director: Cops Are Under Attack From Those Who Seek to Evade Responsibility | Katie Pavlich