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Report Shows U.S. Home Prices Hit Record Low in First Quarter; “No relief in sight”

Dennis Norman

Dennis Norman

Today the S&P/Case-Shiller Index report for the first quarter of 2011 was released showing home prices continue to fall and that the national home price index hit a new recession low. Nationally, home prices are back to their mid-2002 levels according to the report.

The report shows the Case-Shiller National Home Price Index declined by 4.2 percent in the first quarter of 2011, after having fallen 3.6 percent in the last quarter of 2010. This now marks a new recession low for the National Index posting a decline of 5.1 percent versus a year ago. Nationally, homes prices are back to their mid-2002 levels according to the report.

20-City Composite Home Price Index, for March was 138.16, a decline of 0.8 percent from the month before and a decrease of 3.6 percent from the year before.

Double-dip in home prices confirmed:

“This month’s report is marked by the confirmation of a double-dip in home prices across much of the nation. The National Index, the 20-City Composite and 12 MSAs all hit new lows with data reported through March 2011. The National Index fell 4.2% over the first quarter alone, and is down 5.1% compared to its year-ago level. Home prices continue on their downward spiral with no relief in sight.” says David M. Blitzer, Chairman of the Index Committee at S&P Indices.

“Since December 2010, we have found an increasing number of markets posting new lows. In March 2011, 12 cities – Atlanta, Charlotte, Chicago, Cleveland, Detroit, Las Vegas, Miami, Minneapolis, New York, Phoenix, Portland (OR) and Tampa – fell to their lowest levels as measured by the current housing cycle. Washington D.C. was the only MSA displaying positive trends with an annual growth rate of +4.3% and a 1.1% increase from its February level.

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