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.
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.
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.