A double dip in the housing market is becoming a reality as home prices nationwide fell 4 percent from April of 2010, according to the S&P/Case-Shiller Home Prices Index. The decline was the most in more than a year.

There is a risk of home prices falling even further due to decreasing sales, a large backlog of foreclosures and a recent decline in consumer spending. Robert Shiller, one of two economists who created the index, told a conference this month that a drop of 10-25 percent in home values over the next five years would not be surprising.

On the positive side, numerous cities saw month-to-month gains, although the gains are likely due to seasonal changes in that market and the annual gain or loss is more telling of the housing market in general. Only one of the 20 cities that make up the 20-City Composite of metropolitan areas saw annual house prices rise in April. Washington D.C.’s home prices grew 4 percent between April of 2010 and April of 2011.

“This month is better than last,” said David Blitzer, chairman of the index committee at S&P, in a statement. “However, the seasonally adjusted numbers show that much of the improvement reflects the beginning of the spring-summer home buying season. It is much too early to tell if this is a turning point or simply due to some warmer weather.”

The S&P/Case-Shiller Home Price Indices are released the last Tuesday of each month. They are published with a two-month lag.

Editor’s Note: All data is from Standard & Poor’s Case-Shiller index of home values.
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A double dip in the housing market is becoming a reality as home prices nationwide fell 4 percent from April of 2010, according to the S&P/Case-Shiller Home Prices Index. The decline was the most in more than a year.

There is a risk of home prices falling even further due to decreasing sales, a large backlog of foreclosures and a recent decline in consumer spending. Robert Shiller, one of two economists who created the index, told a conference this month that a drop of 10-25 percent in home values over the next five years would not be surprising.

On the positive side, numerous cities saw month-to-month gains, although the gains are likely due to seasonal changes in that market and the annual gain or loss is more telling of the housing market in general. Only one of the 20 cities that make up the 20-City Composite of metropolitan areas saw annual house prices rise in April. Washington D.C.’s home prices grew 4 percent between April of 2010 and April of 2011.

“This month is better than last,” said David Blitzer, chairman of the index committee at S&P, in a statement. “However, the seasonally adjusted numbers show that much of the improvement reflects the beginning of the spring-summer home buying season. It is much too early to tell if this is a turning point or simply due to some warmer weather.”

The S&P/Case-Shiller Home Price Indices are released the last Tuesday of each month. They are published with a two-month lag.

Editor’s Note: All data is from Standard & Poor’s Case-Shiller index of home values.
Getty Images

S&P/Case-Shiller Index April 2011

S&P/Case-Shiller for April 2011
S&P/Case-Shiller for April 2011
A double dip in the housing market is becoming a reality as home prices nationwide fell 4 percent from April of 2010, according to the S&P/Case-Shiller Home Prices Index. The decline was the most in more than a year.

There is a risk of home prices falling even further due to decreasing sales, a large backlog of foreclosures and a recent decline in consumer spending. Robert Shiller, one of two economists who created the index, told a conference this month that a drop of 10-25 percent in home values over the next five years would not be surprising.

On the positive side, numerous cities saw month-to-month gains, although the gains are likely due to seasonal changes in that market and the annual gain or loss is more telling of the housing market in general. Only one of the 20 cities that make up the 20-City Composite of metropolitan areas saw annual house prices rise in April. Washington D.C.’s home prices grew 4 percent between April of 2010 and April of 2011.

“This month is better than last,” said David Blitzer, chairman of the index committee at S&P, in a statement. “However, the seasonally adjusted numbers show that much of the improvement reflects the beginning of the spring-summer home buying season. It is much too early to tell if this is a turning point or simply due to some warmer weather.”

The S&P/Case-Shiller Home Price Indices are released the last Tuesday of each month. They are published with a two-month lag.

Editor’s Note: All data is from Standard & Poor’s Case-Shiller index of home values.
Getty Images
Atlanta Home Prices
Atlanta Home Prices
Monthly Change: 1.6 percent
Yearly Change: -3.5 percent
National: 73 percent*

* Home prices in cities as a percent of the national average.
AFP/Getty Images
Boston Home Prices
Boston Home Prices
Monthly Change: -0.2 percent
Yearly Change: -4.2 percent
National: 106 percent
Getty Images
Charlotte Home Prices
Charlotte Home Prices
Monthly Change: -0.3 percent
Yearly Change: -6.6 percent
National: 78 percent
Getty Images
Chicago Home Prices
Chicago Home Prices
Monthly Change: -0.4 percent
Yearly Change: -8.6 percent
National: 79 percent
AFP/Getty Images
Cleveland Home Prices
Cleveland Home Prices
Monthly Change: 1.2 percent
Yearly Change: -6.8 percent
National: 70 percent
NBAE/Getty Images
Dallas Home Prices
Dallas Home Prices
Monthly Change: 0.5 percent
Yearly Change: -4 percent
National: 82 percent
Getty Images
Denver Home Prices
Denver Home Prices
Monthly Change: 1.5 percent
Yearly Change: -4.1 percent
National: 88 percent
Getty Images
Detroit Home Prices
Detroit Home Prices
Monthly Change: -2.9 percent
Yearly Change: -7.5 percent
National: 45 percent
Getty Images
Las Vegas Home Prices
Las Vegas Home Prices
Monthly Change: -0.7 percent
Yearly Change: -6.2 percent
National: 69 percent
Getty Images
Los Angeles Home Prices
Los Angeles Home Prices
Monthly Change: 0.3 percent
Yearly Change: -2.1 percent
National: 121 percent
Getty Images
Miami Home Prices
Miami Home Prices
Monthly Change: -0.2 percent
Yearly Change: -5.6 percent
National: 99 percent
Getty Images
Minneapolis Home Prices
Minneapolis Home Prices
Monthly Change: 0.4 percent
Yearly Change: -11.1 percent
National: 76 percent
AFP/Getty Images
New York Home Prices
New York Home Prices
Monthly Change: 0.8 percent
Yearly Change: -2.8 percent
National: 118 percent
AFP/Getty Images
Phoenix Home Prices
Phoenix Home Prices
Monthly Change: 0.1 percent
Yearly Change: -8.8 percent
National: 72 percent
Getty Images
Portland Home Prices
Portland Home Prices
Monthly Change: 0.1 percent
Yearly Change: -9.2 percent
National: 96 percent
Getty Images
San Diego Home Prices
San Diego Home Prices
Monthly Change: 0.4 percent
Yearly Change: -4.3 percent
National: 111 percent
Getty Images
San Francisco Home Prices
San Francisco Home Prices
Monthly Change: 1.7 percent
Yearly Change: -5.5 percent
National: 95 percent
Getty Images
Seattle Home Prices
Seattle Home Prices
Monthly Change: 1.6 percent
Yearly Change: -6.9 percent
National: 97 percent
AFP/Getty Images
Tampa Home Prices
Tampa Home Prices
Monthly Change: -0.4 percent
Yearly Change: -7.7 percent
National: 91 percent
AFP/Getty Images
Washington D.C. Home Prices
Washington D.C. Home Prices
Monthly Change: 3 percent
Yearly Change: 4 percent
National: 135 percent
AFP/Getty Images