Bloomberg News

U.S. Stock Futures Pare Gains After Home Prices Trail Estimates

November 29, 2011

Nov. 29 (Bloomberg) -- U.S. stock-index futures pared gains after a gauge of American home prices fell more than forecast, showing the real-estate market continues to struggle.

Futures on the Standard & Poor’s 500 Index rose less than 0.2 percent to 1,193.3 at 9:11 a.m. in New York after surging as much as 1.3 percent earlier.

The S&P/Case-Shiller index of property values in 20 cities dropped 3.6 percent from September from the same month in 2010 after decreasing 3.8 percent in the year ended August, the group said today in New York. The median forecast of 32 economists in a Bloomberg News survey projected a 3 percent decrease.

The S&P 500 yesterday snapped a seven-day decline amid speculation European leaders will boost efforts to end the debt crisis. The benchmark gauge for American equities was still dow 4.9 percent so far in November through yesterday as a measure o financial shares tumbled 10 percent.

To contact the editor responsible for this story: Michael P. Regan at mregan12@bloomberg.net


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