It’s been what my grandmother would call “a month of Sundays” (i.e., a long, long time) since we’ve heard of a local housing market that wasn’t in the doldrums. In fact, much of the country is now officially in the double-doldrums, according to the most recent S&P Case-Shiller National Home Price Index, which revealed that in the first quarter, national home prices hit a new recession low.
Yes, even lower than they were at their previous 2009 trough. This spring, even real estate markets that had been relatively recession-proof at the beginning of the bust, like those in Minneapolis and Seattle, took dives late in the game, causing the New York Times to doomsay “another season of pain.”………………………………………Full Article: Source