Hitting lower lows
The S&P/Case-Shiller data for February is showing the American home price index is back to the low reached in April 2009, the lowest point since 2003. The S&P dropped 3.3% with 19 of 20 cities studied experiencing declines. Overall, this is the seventh month in a row of dipping home prices according to Case-Shiller.
Washington DC remains the lone city on the rise in home prices, up 2.7% from the previous year while Phoenix homes are now at low levels not seen since 2000. Last month, we reported that San Diego prices were slowly rising alongside Washington DC’s, but months after the continuing trend, DC is alone in rising prices.
Economists are no longer speculating a possible double dip, rather noting the double dip is here and asking if we’ll hit lower lows or bounce back up. Most are leaning toward a continued decline, given 2011 trends.
Charting the double dip:
Tell us what you’re seeing in your city- are prices in a double dip scenario where you are?