Big-city home prices went down in the third quarter of this year, after having risen during the second quarter, when folks were scrambling to seize the homebuyer tax credit.
The national home price index fell 2 percent from July through September, according to the S&P/Case-Shiller indexes. During the second quarter of this year, the national home price index had risen 4.7 percent.
Year-over-year, national house prices were down 1.5 percent, compared to the third quarter of 2009.
In addition to the national index, Case-Shiller has an index covering 20 big metro areas; prices have fallen in 15 of those cities in the last 12 months. "Other than Tampa, Fla., there are no new lows this month, but many analysts will argue that a double dip will be confirmed before spring," says David Blitzer, chairman of S&P's index committee. He blames that on the "national economy," by which I think he means the high unemployment rate, as well as the glut of houses that are either on the market now or soon will be, after they are foreclosed upon.
Where did house prices rise in September? Las Vegas and Washington, D.C.
Prices were up year-over-year in California, but even in those markets, prices fell in September compared to August.
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