Home prices drop for fourth straight quarter

NEW YORK (CNNMoney.com) — The price of a typical home in the United States continues to drop but at a slower pace, according to a new survey.

During the second quarter, the median single-family home price was $223,800, 1.5 percent less than a year ago, according to the National Association of Realtors (NAR). It was the fourth consecutive quarter of price declines. Condo prices rose 1 percent to a median of $226,800.

Homebuilders’ confidence at 16-year low

NEW YORK (CNNMoney.com) — Builders’ confidence in the new home market fell to a 16-year low, according to a trade group survey conducted this month which reports buyers’ problems finding financing spreading beyond the subprime sector.

The National Association of Home Builders/Wells Fargo Housing Market Index fell two more points to a reading of 22, the lowest level since January 1991, when the nation was struggling with a recession, an energy price shock and the start of the first Gulf War. Any reading below 50 indicates more builders view sales conditions as poor than as good.