New home sales near historical lows
[Latest financial news - CNNMoney.com]
Sales of new homes last month were slightly higher than expected, but were down 2.5% from April and more than 40% versus last year.
Housing Wire: Home Prices Continue Downward Slide in April
As expected, the OFEHO home price index released by the GSE regulator on Tuesday morning also found price declines, but more muted from those reported by the Case-Shiller series.
Calculated Risk: May Existing Home Sales Graphs
Killer Shiller
[FT.com - Property]
Do not go west, young man – but avoid pretty much everywhere else too. The slump in US house prices has officially gone nationwide, according to the latest Standard & Poor’s/Case-Shiller index. In April, all 20 of the cities tracked posted a year-on-year decline for the first time ever. Western cities, such as Las Vegas and Los Angeles, as well as Florida’s Miami, continued to lead the pack downwards.
