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that double dip we've been talking about.
Home Prices Drop Into Double-Dip Territory
U.S. home prices officially double-dipped in March, tumbling to new post-bubble lows, a report released Tuesday revealed.
According to the S&P/Case-Shiller home price index, seasonally-adjusted prices in 20 metro areas slumped 0.2% in March from February to 138.16 -- below the crisis low set in April 2009 of 139.26. While economists had projected the 0.2% decline, it marks a painful reminder of the housing markets failure to mount a sustainable rebound from its historic slump.
S&P said the short-lived bounce in home prices in 2009 and 2010 was largely due to the first-time home buyers tax credit, which has since expired.
Excluding the results of that policy, there has been no recovery or even stabilization in home prices during or after the recent recession, David Blitzer, chairman of the index committee at S&P Indices, said in the report. This months report is marked by the confirmation of a double-dip in home prices across much of the nation Home prices continue on their downward spiral with no relief in sight.
In the 20 markets surveyed by S&P, home prices were off by a non-adjusted 0.8%, compared with a 1.1% drop in February and forecasts for a 0.6% fall. Year-over-year, home prices tumbled 3.3%.
Read more: Home Prices Drop Into Double-Dip Territory - FoxBusiness.com
Home Prices Drop Into Double-Dip Territory
U.S. home prices officially double-dipped in March, tumbling to new post-bubble lows, a report released Tuesday revealed.
According to the S&P/Case-Shiller home price index, seasonally-adjusted prices in 20 metro areas slumped 0.2% in March from February to 138.16 -- below the crisis low set in April 2009 of 139.26. While economists had projected the 0.2% decline, it marks a painful reminder of the housing markets failure to mount a sustainable rebound from its historic slump.
S&P said the short-lived bounce in home prices in 2009 and 2010 was largely due to the first-time home buyers tax credit, which has since expired.
Excluding the results of that policy, there has been no recovery or even stabilization in home prices during or after the recent recession, David Blitzer, chairman of the index committee at S&P Indices, said in the report. This months report is marked by the confirmation of a double-dip in home prices across much of the nation Home prices continue on their downward spiral with no relief in sight.
In the 20 markets surveyed by S&P, home prices were off by a non-adjusted 0.8%, compared with a 1.1% drop in February and forecasts for a 0.6% fall. Year-over-year, home prices tumbled 3.3%.
Read more: Home Prices Drop Into Double-Dip Territory - FoxBusiness.com