We just received the Case/Shiller monthly home price index and the numbers are horrifying. The following chart shows the month over month price rise/fall over the past 7 months:
As you can see home prices peaked in September of last year and have been falling month over month since. The following chart shows the rise and fall in line form:
This is price information as of February when the home buyer tax credit was in full force, and the government was 100% of the mortgage market.
We can only cringe when we think about what would happen if the home buyer tax credit were to end (ends this weekend) or if some of the 8 million plus in bank owned shadow inventory foreclosures were to come on the market. (banks announced this week this was coming)
Click here for a spreadsheet showing your individual city.
The double dip is here. Brace yourself.