US house price declines accelerated in February, falling by a fresh record annual rate, a report showed yesterday, adding to pressure on consumers and threatening to prolong a domestic economic slowdown. Financial Times, The Independent

The Standard & Poors/ Case Shiller 10-city index of single family house prices contracted by 13.6% year-on-year during the month, the most since records began in 1987.

The broader 20-city index fell 12.7% compared with a year earlier, the biggest drop since the index’s inception in 2001.

Confidence among US consumers also fell in April, reaching its lowest level in five years as shoppers reacted to the impact of the housing slump, tighter credit conditions and a weakening labour market.