Case Shiller is out, and it confirms what we have known for quite some time: Without artificial government stimulus, Housing is going lower.
The double dip in Housing has now been officially recognized:
“Data through March 2011, released today Case-Shiller Home Price Indices show that the U.S. National Home Price Index declined by 4.2% in the first quarter of 2011, after having fallen 3.6% in the fourth quarter of 2010. The National Index hit a new recession low with the first quarter’s data and posted an annual decline of 5.1% versus the first quarter of 2010. Nationally, home prices are back to their mid-2002 levels.”
A Closer Look at the Second Leg Down in Housing (June 24th, 2010)
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