Home Prices Fall Below 2009 Bottom

Home prices fell below the 2009 housing bust bottom in the first
quarter, dropping 4.2% from the prior three months, according to
the S&P Case-Shiller national home price index. The 20-city
composite index was at 138.16, falling below the 2009 low of
139.26. It was the third straight quarterly drop for the index,
which was down 5.1% from a year earlier. National prices are now
down 32.7% from their peak set five years ago. The
S&P/Case-Shiller national home price index covers 80% of the
housing market. "This month's report is marked by the
confirmation of a double-dip in home prices across much of the
nation," said David Blitzer, spokesman for Standard and Poor's.
The housing market went through a brief recovery period starting
in mid-2009.

Home prices recovered nearly 5% of their earlier losses. After
homebuyer tax credits, which were in effect during the rebound,
expired last April, the slump resumed. "The rebound in prices
seen in 2009 and 2010 was largely due to the first-time home
buyers tax credit," said Blitzer. "Excluding the results of that
policy, there has been no recovery or even stabilization in home
prices during or after the recent recession." A separate
S&P/Case-Shiller index covering 20 major cities also dropped
during March, its eighth straight monthly decline. This is the
second month of the post-recession double dip for the 20-city
index. Prices peaked in July 2006 and then fell steadily through
April 2009. They then went on a winning streak that ran through
last June and prices, adjusted for seasonal differences, have
plunged every month since.

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