House Prices in Double Dip, Report Says

Truckee, CA, May 5, 2011 — Home prices have double dipped nationally, according to a report by Clear Capital, a real estate data firm.

The company said that prices are now 0.7% below prior lows in March 2009.

According to the report, national quarterly home prices are down 4.9%, while year-over-year prices are down 5.0%.

National home prices have fallen 11.5% over the previous nine-month period, a rate of decline not experienced since 2008, the report said.

“The latest data through April shows a continued increase in the proportion of distressed sales that are taking hold in markets nationwide,” said Alex Villacorta, director of research and analytics at Clear Capital.

“With more than one-third of national home sales being REO (real estate owned by a lender), market prices are being weighed down as many markets have not regained enough footing to withstand the strain of the high proportion of REO sales.”