RadioBDC Logo
Molecules | Atlas Genius Listen Live
< Back to front page Text size +

Home price double dip now official, study contends

Posted by Scott Van Voorhis May 6, 2011 08:14 AM

E-mail this article

Invalid E-mail address
Invalid E-mail address

Sending your article

Nationally, home prices have sunk below their previous low, set back during the recession in 2009, Clear Capital reports.

April home prices were .7 percent below levels last reached in March, 2009, the latest milestone in a now months-long slide in real estate values, the research firm notes.

Of course, the last time prices were headed south, in the aftermath of the global financial crisis in the fall of 2008, we saw a panicked Congress and real estate industry rush through the home buyer tax credit, which artificially buoyed sales and prices.

This time around, there's no home buyer tax credit to bail things out and lots of downward momentum to keep prices falling in the coming months.

Greater Boston weighs in at No. 15 on Clear Capital's list of  "lowest performing" markets, with a 6.8 percent, quarter-over-quarter decline in prices and a 2.2 percent year-over-year drop.

That's compared to 4.9 percent, quarter-over-quarter price drop nationally.

Other warning flags include:

  • Taken over a nine month period, the decline in housing prices looks even more serious, with an 11.5 percent drop nationally.
  • All major metro areas tracked by Clear Capital reported a quarter-over-quarter decline in home prices.
  • Sales of bank-owned properties now account for 34.5 percent of all home sales
This blog is not written or edited by or the Boston Globe.
The author is solely responsible for the content.

E-mail this article

Invalid E-mail address
Invalid E-mail address

Sending your article

About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

Latest interest rates

RE by the Numbers
5 Reasons You'll Love 296 Summer St in Somerville
Have you been shut out thus far in the red hot Somerville market? Fear not intrepid buyers, 296 Summer St #1 is here to represent...