Case-Shiller 20 City Index Hits New Low, Confirms Housing Double Dip

by: The Fundamental Analyst


(Click to enlarge)

Back in December I said we could dispense with a speculation of a double dip in house prices as we were already in the midst of that process. Today's Case-Shiller 20 City Home Price Index report for March fell below the previous trough of April 2009 confirming that double dip. The Case-Shiller 20 City Index fell 0.8% in March hitting the lowest level since March 2003.


(Click to enlarge)

On a year over year basis the 20 City index is down 3.6% from a year ago. I stopped reporting on the housing bottom callers a while back, but it looks like they'll have to push that bottom call out yet again.


(Click to enlarge)

Only Washington and Seattle recorded price increases, the worst performing during March were Minneapolis -3.7%, Chicago -2.4%, Charlotte -2.4% and Detroit -2.0%. Detroit home prices are now back to levels last seen in July 1994.