Home prices also fell by record levels in January, by 10.7%, says Vinnee Tong for the Associated Press. It was the biggest decline in the Case-Shiller home price index’s two-decade history. Spring is typically a strong sales time, though, and any notable improvements in the market might not be noticed until summer.
The worst-hit cities were Miami and Las Vegas, which were both hit by 19.3% drops. One economist says a pattern of improvement probably won’t be seen until April, at the earliest.
This downbeat news comes on the heels of yesterday’s positive news that existing home sales in the United States posted a surprise jump of 2%.
All these numbers have sent the price of oil gyrating as investors have begun selling on worries about the economy, while others are buying on news of the dollar’s continued decline. Mercifully, the price of gas and diesel have pulled back some from their recent records, reports John Wilen for the Associated Press.
But analysts are saying that investors should continue to see choppy waters for oil as disagreement about the direction of the commodity persists. As the price see-saws, look for changes in these ETFs:
- United States Oil (USO)
- United States Natural Gas (UNG)
- iShares Dow Jones US Oil & Gas Exploration (IEO)
For full disclosure, some of Tom Lydon’s clients own shares of RTH.