A Double Dip in the Housing Market

The S&P/Case-Shiller’s index made fresh index lows in March for five cities which include Chicago and New York. It appears that the housing market is hitting a double dip. However, some of the worst hit cities during the housing market downturn have begun to recover.

According to David Blitzer of Case-Shiller indexes, “this is what we need for a sustained recovery; monthly increases coupled with improving annual rates of change. Once we see this on a broader level we will be able to say the market has turned around.”

Reference: Fontevecchia, Agustino, Housing Double-Dip Worsens As Prices Fall To New Lows; Recovery Nears, Forbes, May 29, 2012

Photo Credit:  House under construction under the Creative Commons Attribution-Share Alike 3.0 Unported license.

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