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US house prices sliding further Consumer confidence buoys market
(41 minutes later)
US house prices fell by a record 19.1% in the first three months of 2009 from the same time last year, a key housing survey has suggested. US shares have risen after a survey suggested US consumer confidence was at its highest level since last September.
The Standard & Poor's/Case-Shiller National Home Price index also showed home prices had fallen 32.2% since peaking in the second quarter of 2006. The Conference Board's Consumer Confidence Index jumped to 54.9 for May from 40.8 last month - well beyond the average 42.3 predicted by economists.
However, it suggested that the pace of month-on-month declines had slowed. The indicator is being closely watched as a guide to whether consumers are likely to start shopping again.
Separately, a Conference Board index suggested consumer confidence had hit its highest level since last September. Wall Street added 2%, despite separate data showing record US house price falls in the first quarter of 2009.
The Conference Board index suggested consumer confidence had hit its highest level since last September.
That was when the collapse of Lehman Brothers accelerated the global financial crisis.That was when the collapse of Lehman Brothers accelerated the global financial crisis.
The Conference Board's Consumer Confidence Index jumped to 54.9 for May from 40.8 last month - well beyond the average 42.3 figure predicted by economists.
The indicator is closely watched by investors looking for a guide to whether consumers - whose spending makes up more than two-thirds of US economic activity - are likely to start shopping again.
No recovery signsNo recovery signs
House prices fell by 19.1% in the first three months of the year from the same time last year, the Standard & Poor's/Case-Shiller National Home Price index suggested.
It also showed home prices had fallen 32.2% since peaking in the second quarter of 2006.
However, it suggested that the pace of month-on-month declines had slowed.
The housing index, which looks at 20 key cities, saw prices fall by 18.7% in March from the year before.The housing index, which looks at 20 key cities, saw prices fall by 18.7% in March from the year before.
These declines were slightly better than February's falls, and it was the second straight month that indexes did not post record drops.These declines were slightly better than February's falls, and it was the second straight month that indexes did not post record drops.
But there were still no signs that home prices had hit the bottom, said David M. Blitzer, chairman of the S&P index committee. But there were still no signs that home prices had hit the bottom, said David M Blitzer, chairman of the S&P index committee.
"We see no evidence that a recovery in home prices has begun," he said."We see no evidence that a recovery in home prices has begun," he said.