The Real Deal Miami

U.S. housing prices sink to new low

May 31, 2011 11:50AM

National housing prices have hit a new low, and economists believe the descent is far from over. House prices fell 4.2 percent in the first quarter of 2011, according to Standard & Poor’s Case-Shiller U.S. National Home Price Index, following a 3.6 percent decline in the first quarter of 2011. The index’s 20-city composite now stands at 138.16 (compared to the January 2000 basis of 100), more than 1 point below the previous recession low 0f 139.26 recorded in April 2009, and equal to national housing values in mid-2002. “This month’s report is marked by the confirmation of a double-dip in home prices across much of the nation,” said David Blitzer, chairman of the Index Committee at S&P Indices. “Home prices continue on their downward spiral with no relief in sight.” Blitzer also said that excluding the first-time homebuyer tax credit there has been “no recovery or even stabilization in home prices during or after the recent recession.” TRD