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Housing Market Has Persistent Case of the Blahs: Edward Glaeser

June 7 (Bloomberg) -- The seasonally adjusted S&P/Case-Shiller index of housing prices in 20 cities has now fallen for nine consecutive months, but before we get all hot and bothered about another collapse, we should recognize the relatively modest nature of the current double dip.

The seasonally adjusted decline since last June has been only about 4 percent, whereas the decline from April 2006 to May 2009 was 32 percent. The current drop seems less like a second big bust, and more like just another phase of a long period of the housing blahs.