American house prices declined at their fastest rate for more than six years in October, with homes in Miami losing 12 per cent of their value, it emerged yesterday.
According to the Standard & Poor’s/Case Shiller index of house prices in the US, the value of existing, single-family homes fell 6.7 per cent in October compared with the same period the year before.
The figures indicate that America’s housing recession – already the worst for 16 years – is far from over. Professor Robert Shiller, co-founder of the index and an economics academic at Yale University, said: “No matter how you look at these data, it is obvious that the state of the single-family housing market remains grim.”
The 6.7 per cent fall surpasses a 6.3 per cent drop in April 1991.
While Washington has sought to limit the number of Americans at risk of losing their homes by negotiating with lenders to freeze mortgage repayments, there is still a glut of unsold property on the market, depressing prices.
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