Home values in China slump further despite stimulus

The news: China's home prices have continued to slide at the fastest pace in almost a year, despite policy efforts to stimulate the market, Bloomberg reports.

The numbers: New home prices fell by 0.3% in September, the steepest monthly drop in 11 months. Second-hand home values lost 0.48%, the same as August's result, which was the largest fall since 2014.

The context: The drop in values came despite major cities' efforts to reinvigorate the market, including lowering of mortgage rates and minimum deposit requirements. Yesterday, China's largest Private property developer Country Garden became the latest in at least 35 of the country's top 50 developers to signal a delinquency on an offshore debt.