Two new economic reports say U.S. consumer confidence fell in March while home prices dropped in January.

Existing home prices rose for the first time in seven months in February, proving that homes in some regions have gotten too cheap to ignore.

The Realtors reported existing home sales today. Prices of existing houses are down 4.9% from a year ago. Housing sales are down 23.4%. Inventories up 5.5% to a 10.3 million month supply.

Every month we are looking for sign of a housing recovery but the numbers we get keep getting worse.

It is nice to see that more and more people are agreeing with me that the housing bubble in Southern California is bursting and that home prices will fall until they catch up with incomes.

Real estate house prices in the US continue their downward plunge. And since prices are falling, more homeowners find their equity gone and are therefore trying to sell their houses, too, resulting in still more declines.

Broadbased, Record Declines in Home Prices in October According to the
S&P/Case-Shiller® Home Price Indices.

I always say that the Standard & Poor’s/Case-Shiller index is the best measure of the state of the housing market because, unlike the median home price, it shows the change in real home prices.

Alan Greenspan, in an interview by the Financial Times, indicated that the decline in house prices is "going to be larger than most people realize." However, he also warned that the Fed should be careful not to ease rates too aggressively because the risk of "inflationary resurgence" was greater now than when he headed the Fed.

Ohio, the state with the third highest number of foreclosures, sued 10 real estate companies for improperly pressuring appraisers to inflate home values, Bloomberg News reported Thursday.