only reason NY isnt on here is because we're still in the first dip. Home Prices Have ‘Double Dip’ in 12 U.S. Cities, Zillow Says 2010-03-24 04:01:00.15 GMT By Hui-yong Yu March 24 (Bloomberg) -- Twelve U.S. cities, including Boulder, Colorado, and Providence, Rhode Island, are showing extended declines in housing values, reversing signs of a sustained recovery last year, according to Zillow.com.... [more]
only reason NY isnt on here is because we're still in the first dip.
Home Prices Have ‘Double Dip’ in 12 U.S. Cities, Zillow Says
2010-03-24 04:01:00.15 GMT
By Hui-yong Yu
March 24 (Bloomberg) -- Twelve U.S. cities, including
Boulder, Colorado, and Providence, Rhode Island, are showing
extended declines in housing values, reversing signs of a
sustained recovery last year, according to Zillow.com.
The number of markets in a “double dip” jumped in January
from five in December, data released today by Seattle-based
Zillow show. The real estate information provider defines a
double dip as five consecutive price drops after at least five
straight monthly increases. The gains must be preceded by a
period where values fell in at least 10 of 12 months.
The prospect of rising interest rates may be reducing home
prices after the government boosted sales in 2009 with tax
credits, increased federal housing agency lending and purchases
of mortgage-backed securities by the Federal Reserve, said Stan
Humphries, Zillow’s director of advanced analytics.
“It’s not great news,” Humphries said in a telephone
interview. “The market continues to be quite weak and the
overall housing recovery continues to be fragile.”
Home prices nationally dropped 0.6 percent in January from
the prior month, the Federal Housing Finance Agency said
yesterday. Government efforts to bolster the market spurred a
4.9 percent rise in home sales last year, the first annual gain
since 2005, according to the National Association of Realtors.
The double dip through January also was seen in Colorado
Springs and Greeley, Colorado; Augusta, Georgia; Columbus, Ohio;
Harrisburg and Lancaster, Pennsylvania; Little Rock, Arkansas;
Green Bay, Wisconsin; Greensboro, North Carolina; and Lincoln,
Nebraska, according to Zillow.
Ten other markets, including Boston and Denver, “seem
poised for a double dip,” the company said.
Zillow still expects home values to bottom out by June,
said Humphries.
Zillow uses actual home sales and its own software to
generate estimates of home values, which go into calculating a
national home-value index. U.S. home values dropped 5 percent in
the fourth quarter from a year earlier, marking three years of
annual declines, Zillow said in February.
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