(Crossposted at Doom Network)
The Standard and Poor’s/Case-Shiller numbers for January have just been released today and they show some dire trends. Reuters has a copy of the S&P data here. While the eternal optimists kept saying, “See, the market’s recovering!” when the prices were climbing in 2009, many bubbleheads knew better — and it turns out we were right. The numbers indicate the market is heading toward a double-dip. Who know’s how low it’ll go this time.
U.S. single family home prices fell for the seventh straight month in January, bringing prices to just above April 2009 lows, a closely watched survey said on Tuesday…
…”The housing market recession is not yet over,” said David Blitzer, chairman of the index committee at S&P. “At most, we have seen all statistics bounce along their troughs; at worst, the feared double-dip recession may be materializing.”
Eleven of the 20 cities fell to the lowest levels since home prices peaked in 2006 and 2007, while the overall index was just 1.1 percent above the April 2009 low, the report showed.
There were year-over-year decreases in cities throughout the entire country including Seattle, Portland, San Francisco, Las Vegas, Chicago, Detroit, Atlanta, Miami, Boston, and New York City. Make note that Phoenix home prices fell a whopping 9.2% from last year’s prices.
With falling home prices and a 17-month surplus supply of homes, it looks like the market may get much, much worse before there’s any sign of a recovery. It’s likely to take a very long time — on the order of decades — before the market recovers. Of course, these numbers aren’t even taking into account the effect future US National Debt and weakening of the dollar will have on the market.