United States: Home prices fall back to April 2009 trough, raising concerns about a double-dip in housing market
April 26, 2011
The S&P/Case-Shiller home price composite 20-city index dropped 1.1% in February over the previous month on a non-seasonally adjusted basis (January: -1.1% month-on-month), which represented the seventh consecutive month of falling prices. As a result, prices have slid 3.3% below the level recorded in the same month last year. In February, home prices fell back to the trough recorded in April 2009, corroborating the notion of an unconvincing recovery in the housing market. That said, home prices remain 32.6% below the July 2006 peak. According to S&P officials, ?recent data on existing-home sales, housing starts, foreclosure activity and employment confirm that we are still in a slow recovery?.