Financial 411: Case-Shiller Confirms Housing Dip
Tuesday, May 31, 2011
Housing Continues Its Slump
Home prices have reached their lowest level since the housing bubble burst in 2006.
They're being pushed down by foreclosures, a glut of unsold homes and the inability or reluctance of many to buy. Prices fell from February to March in 18 of the 20 big cities tracked by Standard and Poor's Case Shiller index.
Consumer Confidence Falls
And here's some more bad news. Consumer sentiment has dropped to its lowest level in six months. The Conference Board's consumer confidence index shows Americans are growing increasingly concerned about high gas prices, a choppy job outlook and a weak housing market.
In spite of these negative economic indicators stocks rose Tuesday as investors cheered a new bailout plan for Greece. The Dow rose 128 points to close at 12,570. The S&P 500 gained 14 points, closing at 1,345. Nasdaq was up 38 points, to close at 2,835.