China house prices getting a kicking on the US press, the Wall Street Journal reports that: China Housing Prices Fall for Second-Straight Month in June (gated), Says the Journal:
- China’s housing prices fell in June for the second straight month
- Property developers cut prices to stoke sales amid a glut of housing in many cities
- Many home buyers have stayed on the sidelines in anticipation of further price cuts
- Cases of default among smaller developers are rising as companies struggle to repay debt in a souring property market
- Average new-home prices fell 0.5% in June from May, data provider China Real Estate Index System said Monday
- Prices declined 0.3% in May from April, the first month-to-month decline since June 2012
- Out of the 100 cities surveyed, 71 showed a decline in home prices, up from 62 in May
