Talking of house prices, but this time on the other side of the Atlantic, evidence emerged yesterday that house prices across the US fell slightly over the last 12 months.
According to the SP/Case-Shiller national home price index, house prices across the 20 metro areas it monitors fell by 1.4 per cent in the year to the end of March. It’s only the second time in the history of this index that negative house price inflation has been reported – the last time was 1991.
It’s no surprise to read that the area that suffered the biggest fall was Detroit where prices fell 8.4 per cent. With the auto industry in deep crisis, the home of GM, Ford and Chrysler was clearly going to struggle.
But, also seeing a big fall was San Diego, down 6 per cent.
© Investment & Business News 2013