Housing Double-Dip With Worse To Come

[marmar]

from 247WallStreet:




Housing Double-Dip With Worse To Come
Posted: May 31, 2011 at 9:34 am


Home prices reached a double dip according to Case-Shiller. “Data through March 2011, released today by Standard & Poor’s for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, show that the U.S.National Home Price Index declined by 4.2% in the first quarter of 2011, after having fallen 3.6% in the fourth quarter of 2010. The National Index hit a new recession low with the first quarter’s data and posted an annual decline of 5.1% versus the first quarter of 2010. Nationally, home prices are back to their mid-2002 levels,” the firm reported.

The markets hardest hit were Minneapolis which was down 10% year over year in March. Prices were down 7.6% in Chicago, and Portland. Home prices fell 8.4% in Houston and 7.5% in Seattle according to the Case-Shiller Composite of the 20 largest cities in the US.

The drop is almost certainly not over. The number of mortgages which are underwater is now about 20% of US home loans. These houses cannot be sold without their owners paying their banks at closing. Foreclosed homes sold by banks are nearly a quarter of the inventory in most months. These homes sell for a large discount to non-foreclosed properties. ...........(more)

The complete piece is at: http://247wallst.com/2011/05/31/housing-double-dip-with-worse-to-come/#ixzz1NwEXETkA

[Pharaoh]

1. Glad I bailed

and moved into a small Apt last year :party:

[Snoutport]

2. Just in time for the election!

[theophilus]

3. Until the corporations or, better yet, the Government provides lots of

good jobs this will keep being bad....or get worse. The people must demand JOBS!