Signs of hope among the gloom
AT THE ripe old age of five years, America’s housing bust is still very much alive and kicking. House prices dropped 3.3% in the year to February according to the S&P/Case-Shiller index, the fastest decline since November 2009. The Federal Reserve’s preferred measure, the CoreLogic house-price index, showed an even worse one-year decline of 7.5% in March. And Zillow, an online real-estate database, recently said that prices fell 8.2% in the year to March. Zillow has reported falling prices for 57 consecutive months.