United States: Home prices continue to drop, confirming double-dip
June 28, 2011
In April, the S&P/Case-Shiller home price composite 20-city index decreased 4.0% over the same month last year, confirming fears of a double-dip in the housing market. The print was in line with market expectations but below the 3.8% decline tallied in March. As a result, the index sits just a tad above its lowest level in over eight years. On a seasonally adjusted basis, the index dropped 0.1%, which marked the smallest decline in nine months. However, according to S&P, ?for a real recovery we would need to see several months of increasing home prices, large enough to shift the annual momentum to the positive side. In short, better news, but still a lot of questions and a long way to go.?