US house prices have fallen at the sharpest rate in more than 20 years, and American consumers are now at their most pessimistic since Richard Nixon was in the White House, according to figures published today.
The S&P/Case-Shiller home price index showed that prices in 20 US metropolitan areas fell 10.7pc in January, compared with the same month last year.
That followed a 9pc decline in December and was the sharpest fall since the index was created in 1987.
In a further sign that the economic crisis appears to be is deepening, consumer confidence in the US fell to a five-year low of 64.5, as turmoil in the financial markets, the threat of recession, and falling housing prices heightened fear among Americans.
The survey's gauge of confidence for the next six months also showed consumers are more nervous about the future than at any time since December 1973, when Richard Nixon was President.
In January the housing market was worst affected in Las Vegas and Miami, where the average house price fell by 19.3pc. In New York house prices fell by 5.8pc, year-on-year.