A double-dip recession is looking like a reality. The Case-Shiller Home Price Index, the leading measure of home price in the U.S., was released today, March 29th, 2011. Of the 20 composite cities tracked, only Washington D.C. (+3.6%) and San Diego (+.01%) posted positive annual growth rates compared to January 2010. Every other MSA (Metropolitan Statistical Area) including Las Vegas remained or moved back into a negative growth position.
In fact, 11 MSAs posted a new low and continue in a 6 month trend of decline strengthening fears of a double-dip recession. Las Vegas, Detroit, Cleveland and, now, Atlanta are in a class alone. They have all dipped below January 2000 home price levels. Las Vegas prices are stated as falling by 4.4% since January of 2010.
For more information visit www.homeprice.standardandpoors.com.
Tisha Black Chernine, Esq.
