Housing prices fell again in March—but barely—stirring hopes that perhaps the market may finally be on the rebound. “We’ve turned the corner,” said Scott Brown, chief economist at Raymond James & Associates. “This was always going to be a very gradual process. No one expected a real sharp housing recovery.”
Prices fell 0.03 percent in March, according to the S&P/Case-Shiller 20-city home-price index; adjusting for seasonal factors, prices have risen 0.09 percent. The National Association of Realtors reported last week that sales were up 3.4 percent from April. However, consumers are still exercising caution. A consumer-confidence survey released by a business-research firm shows that confidence in the housing market dropped to a four-month low of 64.9 in May. The Case-Shiller's index of the top ten metropolitan areas was down 2.8 percent from the year prior.
- GOP Groups Plan $1 Billion Blitz POLITICO
- Worries About Spain Weigh on Euro Zone The New York Times
- Job Recovery is Scant for Americans in Prime Working Years The Washington Post
- From An Israeli Kibbutz, A High-Priced Caviar Prized By Top Chefs NPR
Chart of the Day
A survey of 40,000 employers in 41 countries shows that despite high unemployment, some companies are struggling to fill job vacancies—especially in skilled positions like electricians, plumbers, and bricklayers.
Reason to Get Out of Bed in the Morning
The 2012 presidential election would be way more exciting if it resembled Game of Thrones. November is coming.