CHART OF THE DAY: The Housing Double Dip Is "CONFIRMED" And There's No Relief In Sight

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“Confirmed” is the word used in the latest announcement from Case-Shiller, which showed a surprise 3.61% year-over-year decline in home prices.

This line stands out from the announcement:

“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.

See the dotted line here to see that markets have now fallen to fresh lows, below the previous dip.

chart of the day, case shiller, may 2011

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