The recovery might not be quite as close as advertised by the cheerleaders. Maybe they can slow down and wait for things to settle first before talking about a new bubble. Reuters:
Prices of U.S. single-family homes in March fell 18.7 percent from a year earlier, while prices in the first quarter dropped at a record pace, according to the Standard & Poor's/Case-Shiller Home Price Indices released on Tuesday.
On a month-over-month basis, the index of 20 metropolitan areas fell 2.2 percent in March from February, S&P said in a statement.
Price drops on both a month-over-month and year-over-year basis were worse than expectations based on a Reuters survey of economists.
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