The United States housing market, which has been the main cause of the financial crisis, remains in the doldrums.

Figures released in the US last night show that the S&P/Case-Shiller Home Price Index, which is the most widely used measure of house prices, declined by a further 1.8% in September.

The index, which measures prices in 20 large cities, was down 17.4% on a year on year basis and 21.8% from its July 2006 peak.

Housing markets throughout the US are very mixed with conditions in Southern California, Nevada and Florida particularly depressed while markets in Texas and a number of the northern states are holding up.

The worst performing markets over the past twelve months, in terms of prices, have been:

Phoenix, Arizona -31.9%
Las Vegas, Nevada -31.3%
San Francisco, California -29.5%
Miami, Florida -28.4%
Los Angeles, California -27.6%

The best have been:

Dallas, Texas -2.7%
Charlotte, North Carolina -3.5%
Denver, Colorado -5.4%
Boston, Massachusetts -5.7%

Most other US data is weak with October housing starts of 791,000, on a seasonally adjusted annual basis, the lowest since the US Government started compiling statistics in 1959 and there were 4.23 million existing homes for sale at the end of October.

There is unlikely to be a major international recovery until the US housing market, consumer confidence and spending improves.

Last 5 posts by Brian Gaynor

• Sheppard for Hanover’s board - December 11th, 2008
• Retailers - praying for a good Christmas - November 6th, 2008
• Little money for incoming Government to play with - November 4th, 2008
• Crown IPOs -preferable to political interference in super - October 21st, 2008
• Government guarantees – But what about my finance company? - October 13th, 2008