Home prices in major areas have reached their lowest level since the housing bubble burst in 2006, driven down by foreclosures, a glut of unsold homes and the reluctance or inability of many to buy. Prices fell from February to March in 18 of the metro areas tracked by the Standard & Poor’s/Case-Shi

ller 20-city index. And prices in a dozen markets have reached their lowest points since the housing crisis began. The nationwide index fell for the eighth straight month. Prices have now fallen further since the bubble burst than they did during the Great Depression. It took 19 years for the housing market to regain its losses after the Depression ended. Many economists think prices nationally will drop at least 5 percent more by year’s end. They aren’t likely to stop falling until the glut of foreclosures for sale is reduced, employers start hiring in greater force, banks ease lending rules and would-be buyers regain confidence.

Airline fees costs growing rapidly

The world’s largest airlines collected an estimated $21.46 billion in passenger fees and other extra revenue last year, about double the amount collected in 2008, according to a new study. For some airlines, revenue generated from extra fees, the sale of frequent flier points, and commissions for booking passengers into hotel rooms and rental cars now represents 15 percent to 30 percent of all airline revenue, according to the report by IdeaWorks Co. The annual report released Tuesday said 47 airlines reported some type of ancillary revenue last year, compared with only 23 in 2007.

Most people paying auto loans on time

Late payments on auto loans hit their lowest level since 1999 in the first quarter, providing more data that shows consumers have gotten a handle on their debt. TransUnion said the rate of payments that are 60 days or more past due reached its lowest point since the credit reporting agency began tracking the figure, dropping to 0.49 percent. The improvement from 0.66 percent a year ago reflects the stronger auto sales market, which was being fed by higher consumer confidence and low interest rates, said TransUnion.

Twitter adds new ‘follow’ button

Twitter is trying to make it quicker and easier to track the world’s most interesting people on its short-messaging service. The new short cut is being provided by a Twitter “follow” button that can be placed on websites to highlight celebrities, athletes, reporters and other people who tweet their thoughts and share other information. More than 50 websites already have agreed to use the new feature announced Tuesday. The publishers latching on to Twitter’s Follow button include AOL Inc., Yahoo Inc., The Wall Street Journal, Sports Illustrated and TV Guide. The famous people using the feature include Justin Bieber, Jennifer Lopez and Lady Gaga, who already has the most Twitter followers at 10.6 million.

From Herald news services