According to the Case-Shiller Index, which gauges single-family house prices from 20 different metropolitan areas, housing prices fell 0.2% in January. Although above expectations for a 0.4% drop, it was stll a bad start to the year. Last year was bad, too: prices dropped 3.1% for 2010. The Case-Shiller is only 1.1% above its April '09 low.
The news was released at 9 AM. Gold didn't react much to it, blipping up about a dollar to $1,417 before pulling back to $1,416. It continued its rise later.