![]()
- The Richest Members of the US Congress
- New Consensus Sees Stimulus Package as Worthy Step
- Wall Street Jobs Slow to Return Despite Record Profits
- Thanksgiving Week Stuffed With Economic News
- Black Friday Deals May Not Signal Retail Comeback
- Investors to Goldman: Be Less Greedy
- UPS Sets New Rates For 2010
- Victoria's Secret Hopes to Rekindle Desire for Lingerie
- 'New Moon' Takes Record $72.7M Box Office Bite
- How Stock Investors Can Play Holiday Travel
- Time Lapse World Series Is A Great Play
- Hirschhorn: Greed...or Fear
- My Top 10 Tech Toys for the Holidays
- iPhone a Better Gaming Platform Than Android?
- May Day For Dendreon
- 100% Mortgage Financing From USDA
- Holiday Tipping: Who And How Much
- Deep Discounts Should Make It a Very Tech-y Holiday
A record 26% of U.S. homeowners say the value of their homes has fallen during the past year, above the previous peak of 24% seen in 1992, a survey released Friday showed.
"Overall, the data indicate no let-up in the slump in home prices," said Richard Curtin, director of the consumer surveys, in a statement.
While the Federal Reserve's half-percentage-point interest rate cut Tuesday would help homeowners whose mortgage rates are about to reset, shrinking home values and tougher credit requirements would overwhelm the positive impact from cash-out refinancing in the coming year, according to Curtin.
Homeowners in the western United States, where some of the most dramatic home appreciation had occurred, have been especially hard hit by the real estate downturn.
In the third quarter, 33% of homeowners surveyed in the West said their home value fell during the past year, up from 23% in the second quarter. Nearly a quarter expect home prices to fall further in the coming year, up from 17% in the second quarter, said Reuters/University of Michigan.
The housing slowdown has taken a toll on the consumer sector, which accounts for more than two-thirds of the U.S. economy. A pullback in personal spending has reined in overall economic growth since the first quarter of the year.
The latest housing data suggests that personal consumption would on average grow 2.0% during the next four quarters, well below the 3.7% seen in the first quarter, Curtin said.
- Technology can make or break a fortune in the world of alternative energy.
- Many people are facing the holidays with substantially smaller incomes. Here’s how some are adapting.
- Jim Cramer is a proponent of stocks that pay healthy dividends, and here are his top five dividend plays.
- From salt, to lip balm to envelopes, it turns out that bacon flavoring can sell almost anything.
- The homebuyer's tax credit jacked sales for a while, but 2010 is looking weak. Now what?
- CNBC’s technology reporter Jim Goldman guides you through the best gadgets to buy this holiday season.












