US Home Prices Continue to Decline, 13 Markets Show Double Dip

The Midwest region experienced the biggest quarterly price change (-9.9%), and increasing number of local markets drop into double dip territory according to the Clear Capital monthly Home Data Index™ (HDI) Market Report.

Through November 2010, the quarter over quarter price saw national prices fall 5.8%.  While current quarterly and yearly price changes indicate Denver is performing similarly to the nation, overall trending from the home pricing run-up to today shows that Denver is clearly outperforming national prices.

Only Honolulu, HI and Washington D.C. maintain quarterly and yearly price gains. The six lowest performing markets experienced double-digit quarterly losses.  National home price declines slow, but still show no firm signs of bottoming out. The South region is closing in on a double dip, only 2.3% above the lows it experienced in 2009.

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According to Clear Capital, 13 of the top 50 metro markets measured have double dipped (up from six reported last month), indicating that their current price levels are the lowest since the housing downturn began. Markets currently experiencing a double dip include: Charlotte, NC; Jacksonville, FL; Las Vegas, NV; Miami, FL; Nashville, TN.; Orlando, FL; Philadelphia, PA.; Portland, OR; Richmond, VA; Seattle, WA; Tampa, FL; Tucson, AZ; and Virginia Beach, VA.

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“It’s encouraging that the immediate and dramatic decline in prices that we observed since mid August appears to be softening,” said Dr. Alex Villacorta, Senior Statistician, Clear Capital. “But any optimism should be tempered by the fact that November’s numbers show continued significant downward pressure for home prices. Nationally, prices are six percent above double dip territory, but are down eight percent since the momentum from the tax credit ended.”

“From a local perspective, we continue to see individual markets distance themselves from national price levels in both positive and negative directions,” added Dr. Villacorta. “For example, Washington, D.C. maintains its positive price growth with prices now 15 percent above last year’s lows, while the four biggest Florida markets are now seeing new price lows since the housing downturn began.”

 

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  • Where is the bottom to this market? More and more seniors in many significant metropolitan areas are being pushed out of the HECM marketplace. This is an ugly time to be in any business related to the housing industry.

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