U.S. Home Prices Likely Declined in July

The S&P/Case-Shiller index of property values in 20 cities fell 4.4 percent from July 2010 suggesting that property prices likely fell during the month. This would be the 10th consecutive year-to-year drop demonstrating the continuing weakness in the U.S. economy.

“The risks are on the downside for U.S. home prices given the overhang of unsold homes and the weakness in the labor market,” said Sal Guatieri, a senior economist at BMO Capital Markets in Toronto. “Foreclosure rates remain high, and that will likely put downward pressure on prices.”

Source: Bloomberg

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.