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Home prices: 'Double-dip' confirmed
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| Contributor | kal |
| Last Edited | kal Jun 02, 2011 08:24pm |
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| Category | General |
| News Date | Friday, June 3, 2011 02:00:00 AM UTC0:0 |
| Description | Home prices hit another new low in the first quarter, down 5.1% from a year ago to levels not reached since 2002.
It was the third straight quarterly drop for the S&P/Case-Shiller national home price index, which was released Tuesday.
Prices are now down 32.7% from their peak set five years ago.
"Home prices continue on their downward spiral with no relief in sight," said David Blitzer, spokesman for Standard and Poor's.
The index covers 80% of the housing market, and this month's report confirmed "a double-dip in home prices across much of the nation," said Blitzer.
The housing market went through a brief recovery period starting in mid-2009, recovering nearly 5% of earlier losses. After homebuyer tax credits expired last April, the slump resumed.
A separate S&P/Case-Shiller index covering 20 major cities also dropped during March, the index's eighth straight monthly decline.
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