Prices continue to fall and inventories continue to rise as last week existing home sales data were out showing no improvement what so ever. Today we start the day with prices that are still on a one way ticket to the ground after falling 14.4 percent in the past year in a report released today.
Standard & Poor's today released it CS composite-20 reading for 20 key cities coming in at -14.4% which is worse than both; the projected reading of -14.2% and the prior reading of -12.7%.
As for the first quarter annual reading of S&P/Case-Shiller US HPI, it came in at -14.1% which is worse as well than both; the projected reading of -12.5% and prior reading of -8.9%.
The index concerning the 20 cities fell 2.2 percent from February till March marking the 16th decline in a row in prices. As for the index measuring 10 major cities, prices dropped by 2.4 percent in March and 15.4 percent over the past year. The only drawback to this index is that it looks at 20 cities in which many of them have contributed to the housing bubble in the past. Keeping in mind that the S&P's Case-Shiller index only covers prices of the same homes sold over a period of time.
Markets didn't quite react to this piece of information as market players are looking at the market from a different point of view where they see that all the currencies are pretty much being overbought against the dollar and that is why we see the dollar rebounding against majors currently. The movements are basically adjustments to an oversold state facing the dollar. However, it got more support to extend its gains after the release of another report