U.S. home prices plunged at a record pace in December and consumer confidence hit a new low in February.  The consumer confidence index fell to 25.0 in February, the lowest since the index began in 1967, from 34.7 in January.  Consumers’ outlook showed no sign of turning around, according to the report, boding ill for the consumer spending that drives some two-thirds of the U.S. economy.

Prices of U.S. single-family homes fell 18.5 percent in December from a year earlier, with the pace of decline speeding up, according to the S&P/Case Shiller home price index.  The S&P/Case Shiller composite index of home prices in 20 metropolitan areas fell 2.5 percent after dipping 2.3 percent in November.  However our NY Metro region continues to relatively outperform the nation as a whole with prices only falling 1.7% in December, and year over year prices are down in the NY Metro area 9.2%, less than half of the rate of decline of the nation overall.

Thank heaven for small favors.