This morning’s Case-Shiller number disappointed, and showed 15 out of the country’s 20 major metro markets are still experiencing price declines.
The housing double dip is very much on for much of the U.S.
There are no exceptions to the bad news. Buyers who bought homes at the height of the market, between 2005 and 2007, have been left with underwater mortgages, on average, in every city in the country.
This includes cities like Boston, New York, and Charlotte, believed to be firmly out of the housing mess.
The weakest cities are weighing down the rest of the index, notably in Las Vegas, Phoenix, Miami, Detroit, and Tampa, where owners are deeply underwater.
While prices might be struggling to recovery from lows, it is important to note how far they have to rise before owners become comfortable selling.
From Paper Economy (Click for a bigger version)
Photo: Paper Economy