The S&P Case-Shiller housing index dropped 4.5% in the Quarter and 1.7% from previous quarter. Both are records largest drops since the beginning of the index in 1987.
Remeber we wrote yesterday that housing has a long way to go before it gets better. And also remember this drops are before any recession. If there is a recession, it's going to get ugly.
U.S. Consumer confidence also fell to 87.3. Economists had expected it to fall to 91.
The expectations for the state of economic activity fell to 68.7 from 80 in October!
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