31 January 2012 at 14:21 GMT
Just 30 minutes after the
worse than expected Canadian GDP report we have another 'miss' courtesy of the CaseShiller 20 City Home Price Index, which shows that prices dropped 0.7 percent in the US in November to take the annual decline down to 3.7 percent from 3.4 previously. The CaseShiller 20 City HPI has seen renewed weakness in the second half of 2011 with an annualised decline of 5.8 percent from June to November.
Among the worst cities in November were Chicago (-2.1 pct.), San Francisco (-1.3 pct.) and Detroit (-1.3 pct.) while Phoenix (+0.6 pct.), Denver (+0.4 pct.) and Minneapolis (+0.1 pct.) where the only three cities out of 20 to record positive price changes.
