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Wednesday, March 24, 2010

Double Dip For Home Prices

Zillow blog:
More Markets Head Into Double Dip -- Last month, we reported in our Q4 Real Estate Market Reports that five of the 143 markets we covered were in the throes of a “double dip,” meaning home values showed sustained monthly increases sometime during the year, but have been falling again, for at least five months in a row, on a month-over-month basis.

Some additional markets were on the double-dip watch list. Home values, measured by the Zillow Home Value Index, were falling after earlier increases, but the falls hadn’t yet gone on long enough to constitute a real trend.

One month later, and 12 markets have made it onto the official double-dip list. The Providence, R.I. and Boulder, Colo. metropolitan statistical areas (MSAs) are among them.

The watch list has shrunk a bit, as many markets that were on it last month sunk firmly into double dip territory after January. Ten markets, including the Boston and Denver MSAs, seem poised for a double dip. Here’s the full list:

12 U.S. Cities with double dip in home prices----
related:
Bloomberg:
Home Prices Have ‘Double Dip’ in 12 U.S. Cities, Zillow Says -- 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.” ...
----
American Apocalypse:
Homeless -- This photo is from the work of photographer Tom Stone. Click here for more. Browse his photos. Read the stories. Here is hers:

homeless robin from sonoma sitting in a doorway on the outskirts of hayes valley; she has two grown sons still there (one 22 and one 35). she doesn't see them much; but they speak often.
she recently got caught in the cross fire of a gang shooting. one bullet went through her arm. the other went through her groin and is lodged near her spine.
she says it's only by god's grace that she survived.
she lives on her ssi benefits; she chooses to live on the street rather than give it all over for housing.
(2/19/06)
homeless robin from sonoma sitting in a doorway

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