S&P/Case-Shiller home-price index shows double dip

US home prices fell 4.2% in the first quarter of 2011. This was  a new post-bubble low and sent the housing sector into a double dip.

Housing prices in the Tampa metroplitan area declined 6.9 per cent from the previous year. 

Congress passed tax credits in 2008 and 2009 for first time home buyers but the program was not continued when the GOP-controlled 112th Congress took control in 2010. 

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Robert Shiller Sees murky U.S. Housing Market Outlook

March 30 (Bloomberg) -- Robert Shiller, chief economist at MacroMarkets LLC and a professor at Yale University, talks with Bloomberg's Betty Liu about the U.S. housing market.

Home prices in 20 U.S. cities unexpectedly rose in January, as the S&P/Case-Shiller home-price index climbed 0.3 percent from the prior month on a seasonally adjusted basis, matching the gain in December. The gauge was down 0.7 percent from January 2009, the smallest year-over-year decrease in three years.

The government is not expected to renew the $8,000 tax credit for new home buyers who purchase homes costing $80,000 or more. This will certainly affect housing sales.

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Obama stimulus having positive effect on home prices

 The co-founder of The Case-Shiller U.S. Home Price Index sees the first price improvement in three years.


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