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State of Play: More Bad News For the Housing Market

The housing market is still looking dreary. The average home price for 20 metropolitan areas fell 1.4 percent between March and April, according to Standard & Poor’s. That’s a 15 percent drop from March 2007. According to The New York Times, Los Angeles and Miami have felt the pinch most acutely, with a 12-month decline of more than 26 percent. There was some good news in eight cities, including Boston, Chicago and Dallas, where home prices saw a slight increase from March to April.

Former U.S. Federal Reserve Chairman Alan Greenspan was not making anyone feel better, telling a conference in Johannesburg that the U.S. economy is on “the brink of a recession, with the chances of that happening at more than 50 percent.”

Media outlets reported the bad news stoically.

U.S. home prices fall in April at record rate (MSNBC)

Home prices post record 15.3% drop (CNN)

Housing Index Shows Deeper Drop; Consumer Confidence Tumbles (The Wall St. Journal)

S&P: U.S. home prices fall in April at record rate (The Los Angeles Times)

Home prices fall in April at record rate (USA Today)

Home Prices Continued Slide in April (The New York Times)

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