Home values in 25 major cities have fallen to the lowest level in eight years, according to the RPX Composite Index.
That’s a definitive double dip.
And from peak, home values are down 34%.
Las Vegas and Phoenix are leading the collapse, down over 50% from peak. The only market that hasn’t been pummelled by the crash are Manhattan Condos, down less than 10%.
Housing Wire describes a “nameless, formless crisis” enveloping the housing market.