Home prices have fallen again. In fact, they've fallen below the recession's previous low, putting us into a "double-dip" for housing.
The S&P/Case-Shiller national price index dropped by 4.2 percent during the first quarter of 2011 from the last quarter of 2010, and it was down 5.1 percent over the first quarter of last year.
"This month's report is marked by confirmation of a double dip in home prices across much of the nation," said David M. Blitzer, chairman of the index committee for Standard & Poor's. He added, “home prices continue on their downward spiral with no relief in sight."
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The one hope we can have is that home prices have now finally bottomed out, and the housing market can work its way back up from here. Let the second housing recovery begin!
The Rising Toll of Falling Prices
Home prices have fallen again. In fact, they've fallen below the recession's previous low, putting us into a "double-dip" for housing.
The S&P/Case-Shiller national price index dropped by 4.2 percent during the first quarter of 2011 from the last quarter of 2010, and it was down 5.1 percent over the first quarter of last year.
"This month's report is marked by confirmation of a double dip in home prices across much of the nation," said David M. Blitzer, chairman of the index committee for Standard & Poor's. He added, “home prices continue on their downward spiral with no relief in sight."
...
The one hope we can have is that home prices have now finally bottomed out, and the housing market can work its way back up from here. Let the second housing recovery begin!