Jan. 31 (Bloomberg) -- Business activity in the U.S. expanded less than forecast in January.
The Institute for Supply Management-Chicago Inc. said today its business barometer decreased to 60.2 from 62.2 in December. Readings above 50 signal growth. Economists forecast the gauge would rise to 63, according to the median of 57 estimates in a Bloomberg survey. Projections ranged from 59 to 67.
Another report today showed residential real estate prices fell more than forecast in November, showing distressed properties are hampering improvement in the housing market.
The S&P/Case-Shiller index of property values in 20 cities declined 3.7 percent from November 2010 after decreasing 3.4 percent in the year ended in October, the group said today in New York. Economists projected a 3.3 percent drop, according to the median estimate in a Bloomberg survey.
--With assistance from Chris Middleton in Washington. Editor: Carlos Torres
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