Home Prices continued to drop. The latest figure for December (which is the three-month average of October, November and December) showed that the 20-City composite dropped 2.4% over a year ago (vs. 1.6% drop in November), and 1.2% for the 10-City composite (vs. 0.4% drop in November). The drop was consistent with consensus forecast. While both composites are still above the 2009 low, home prices have reached new low in 11 markets.
Non-Seasonally Adjusted Source: Standard & Poors
The figures are not looking good. Just like what was said previously, the housing double dip seems to be accelerating as unemployment remains high, and mortgage rates are going higher.
This article originally appeared here: United States: S&P/Case-Shiller Home Prices Index Continued to Drop
Also sprach Analyst – World & China Economy, Global Finance, Real Estate
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