Home Prices Decline for 6th Consecutive Month, Nearing a Housing Double Dip
U.S. home prices in January fell for the sixth month in a row, according to the S&P/Case-Shiller home price index released on Tuesday. The index, which covers 20 major markets, fell 3.1 percent year-over-year, edging it closer to the reality of a home-price double dip.
90 Percent of the Market Experienced Price Declines
According to the S&P index, 18 of the 20 markets covered by the survey experienced year-over-year price declines. Among the worst declines were:
- Phoenix: 9.1 percent
- Detroit: 8.1 percent
- Portland: 7.8 percent
- Minneapolis: 7.6 percent
- Chicago: 7.5 percent
The only two markets to experience increases over the same period were Washington, D.C.