'Double-Dip' in Housing Prices Even Worse Than Expected
Published: Tuesday,
31 May 2011 | 9:05 AM ET
By: Reuters
U.S. single-family home prices dropped in March, dipping below their 2009 low, as the housing market remained bogged down by inventory and weak demand, a closely watched survey said Tuesday.
The S&P/Case Shiller composite index of 20 metropolitan areas declined 0.2 percent in March from February on a seasonally adjusted basis, in line with economists' expectations.
The price index was below the low seen in April 2009 during the financial crisis. The glut of houses for sale, foreclosures, tight credit and weak demand have kept the housing market on the ropes even as other areas of the economy start to recover.
The 20-city composite index was at 138.16, falling below the 2009 low of 139.26.
(More here.)
31 May 2011 | 9:05 AM ET
By: Reuters
U.S. single-family home prices dropped in March, dipping below their 2009 low, as the housing market remained bogged down by inventory and weak demand, a closely watched survey said Tuesday.
The S&P/Case Shiller composite index of 20 metropolitan areas declined 0.2 percent in March from February on a seasonally adjusted basis, in line with economists' expectations.
The price index was below the low seen in April 2009 during the financial crisis. The glut of houses for sale, foreclosures, tight credit and weak demand have kept the housing market on the ropes even as other areas of the economy start to recover.
The 20-city composite index was at 138.16, falling below the 2009 low of 139.26.
(More here.)
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4 Comments:
never it let it go unsaid that I didn't say 'i told you so'.
today's word, children, is 'vindication'. I've been right all along about our economic situation going all the way back to my opposition to TARP in 2008...and I didn't even study at Harvard.
Perhaps Obama should fire Geithner and put me in charge of Treasury.
This seems to be the thread of the confused. I come back when people who understand what is going on in the housing market are back.
I could see an increase in housing construction if builders sense that the declining rates of homeownership will last for a generation, and begin to work on building rental properties.
The other thing they don't get: if you don't have a job, you can't afford a house. With unemployment (those they are counting) at nearly 10%, wages depressed, and lack of growth, and, let's face it, houses still overpriced from the fraudulent boom, as well as banks now tightening their fists after getting burned by "community organizer's" shack-downs that got them into this mess to begin with, Freddie and Fannie are worse off than before the crisis, and no faith in the economy nor the government. It's still a mystery to the left why the housing market is still in the toilet? I don't know whether to fear their stupidity or arrogance. Perhaps both.
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