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U.S. home prices haven’t bottomed out

National home prices still haven’t bottomed out after declining to a new low in April, according to data from housing industry consulting firm Clear Capital. The firm’s home data index market report for May, indicates that national home prices hover at 0.7 percent below their previously absolute low in March, and are down 11.5 percent over the course of the last nine months,
the Atlantic reported.

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Clear Capital attributes the speedy decline in prices, 5 percent over the past year, and 1.6 percent in the Northeast specifically, to the saturation on bank-owned foreclosures, which increased in April.

The Atlantic deems the results evidence of a self-imposed double-dip in the market, with the homebuyer credit essentially extending the market’s suffering. Once it expired, it argued, the market hit its old downward stride once again. [Atlantic]