Unexpected: Home Prices Drop, Consumer Confidence Plunges

(Reuters) – Home prices fell more steeply than expected in November, and consumer confidence soured in January, highlighting the hurdles still facing the economic recovery.

The S&P/Case-Shiller composite index of single-family home prices in 20 metropolitan areas declined 0.7 percent on a seasonally adjusted basis, a survey showed on Tuesday, a bigger drop than the 0.5 percent economists expected.

The decrease added on to the 0.7 percent decline seen in October from September.

Separately, a report from The Conference Board said an index of consumer attitudes fell to 61.1 in January from a revised 64.8 the month before, as Americans turned gloomy about the job market and their income prospects.

The data frustrated expectations for an increase after sharp gains in November and December.

Read more at Reuters


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