Home-Price Index Hits New Recession Low

Home prices across the country continue to tumble down.
The Standard & Poor/Case-Shiller Home Price Index, the leading measure of U.S. home prices, was released for the first quarter of this year to show an eighth drop in a row.
The index fell 4.2 percent in the first three months of 2011. That follows a 3.6 percent drop in the fourth quarter of 2010 and a 5.1 percent decline from the same period last year.
for sale sign with price reduced sign on top of it.Nationally, home prices are back to their mid-2002 levels.
Prices in 12 of the 20 metropolitan areas the index measured posted new lows, and Chicago is one of them. In fact, prices in this area are as low as they were back in mid-2001.
According to the index, home prices in Chicago fell 2.4 percent from February to March and are 7.6 percent below their levels during the same period last year.
“This month’s report is marked by the confirmation of a double-dip in home prices across much of the nation,” said David M. Blitzer, Chairman of the Index Committee at S&P Indices.
“Home prices continue on their downward spiral with no relief in sight.”
Chicago-area condo prices fell 13.5 percent over the first quarter of 2010 and are posting levels not seen since the year 2000.
Washington D.C. was the only metro area in the country that saw an increase in home prices, improving 1.1 percent from February to March and 4.3 percent in the first quarter of this year compared to the same time last year.
To summarize: If you don’t HAVE to sell a home, don’t.
If you are in the market to buy, DO.