Fewer Americans bought previously occupied homes in February and those who did purchased them at steep discounts. The weak sales and rise in foreclosures pushed home prices down to their lowest level in nearly 9 years.

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New-home construction plunges in February to second-lowest level on record

Builders broke ground last month on the fewest homes in nearly two years and cut their requests for permits to start new projects to a five-decade low. The decline in construction activity is the latest evidence that the housing industry is years away from a recovery.

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The recent run of UK house price falls have wiped out most of the gains seen to property values during the past year, figures showed today.

The average cost of a home dropped by a further 0.3 per cent during November – around £40 a day for the average house -  following a 0.7 per cent slide in October.

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Sales of existing homes unexpectedly fell in January, according to an industry report published Friday, highlighting concerns that the housing market is weaker than previously thought.
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UK house prices fall after the freezing weather as well as a lull after the end of the stamp duty dragged prices down, the Nationwide said today.

After a sustained rally from recent lows seen last winter, the Nationwide’s house price index fell by 1% in February, with the average home losing just over £2,000.
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