We get the Case-Shiller 20 city index at 13:00 GMT. expected to show a 3.4% decline year-over year, followed by US new home sales at 14:00, seen rising 1.9% month-over-month in March. We also get the US government’s home price index at 14:00 GMT. It is expected to have risen 0.1% as of February.
Housing will remain a net drag on the economy for a considerable time to come, regardless of today’s data, given the huge unsold inventory of homes working their way through the foreclosure process.
