The home price double dip is here
Analysts have been talking about the impending double dip for some time, and it is now officially here. According to CoreLogic’s February Home Price Index, home prices declined for the seventh month in a row, down 6.7% over the year, taking distressed sales into account. Prices are now officially 4.1% below their 2009 low point.
The price dip appears to be accelerating as January data only experienced a 5.5% drop from the year prior.
When distressed sales are taken out of the equation, prices are almost the exact same from the year prior, pointing the finger of blame squarely on the rise in foreclosures as what is dragging down the national home prices.
There appear to be some new suspects in the pool of depreciation. We are used to seeing Arizona and Nevada in the worst performing lists, but Idaho and Maine are among the five worst states when excluding distressed sales.
Price dips visualized:
The chart below shows the national decline on a state level, per CoreLogic:
Look below, do you see the double dip? It’s there:
Click here to download the full CoreLogic report and see how your state is performing.