Friday, May 6, 2011

US Home Prices Confirmed in Double Dip: Clear Capital

2 weeks ago, the Case-Shiller Index affirmed the "Double Dip" in US home prices.  Now Clear Capital has confirmed price drops, and prices are now lower than the 2009 trough, the middle of the Great Recession.  CNBC has details:
  • Sales of bank-owned (REO) properties hit 34.5 percent of the market.
  • This resuled in a national price drop of 4.9 percent quarterly.
  • 5 percent drop year-over-year. 
  • National home prices have fallen 11.5 percent in the past nine months, a rate not seen since 2008. 
Clear Capital Graph, via CalculatedRISK:
Click for larger image in new window.

    Add short sales, CNBC says, "where the bank allows the borrower to sell for less than the value of the mortgage, and prices have nowhere to go but down.READ.

    Major Price Declines Have Hit Central Virginia
    Albemarle County
    Price Declines

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