Residential real-estate prices dropped in November by the most in a year, signaling housing has yet to join the U.S. rebound.
The S&P/Case-Shiller index of home values in 20 cities fell 1.6 percent from November the prior year, the biggest 12-month decrease since December 2009, the group said today in New York. The decline matched the median forecast of economists surveyed by Bloomberg News.
Mounting foreclosures will probably throw more properties on the market this year, further depressing prices, homeowners’ equity and construction.
There has been a lot of debate whether we have been seeing a tepid recovery or a double dip. While the trend and the data suggest the latter, Bloomberg found an analyst with a more palatable explanation for the “tepid” crowd– a “mini double-dip”: Continue reading Case-Shiller Index: A "Mini" Double-Dip, Or Something Bigger?