Technically a housing double dip won’t happen until national home prices fall below the 2009 low, as David Blitzer explained on CNBC this morning.
But today’s Case-Shiller chart sure looks like a double dip.
In fact, 11 of the cities in Case-Shiller’s 20-city index are at new lows for the cycle. These include Atlanta, Charlotte, Chicago, Detroit, Las Vegas, Miami, New York, Phoenix, Portland, Seattle and Tampa.
In the coming year, Case-Shiller expects more cities to decline, sinking the national index to a brand new low.