Data released today by Standard & Poor’s for its S&P/Case-Shiller U.S. National Home Price Index was expected to show a slight increase in monthly home prices, however the index fell 0.7%. This strongly suggests that US housing markets may be headed to a double dip. Q3 home prices fell 1.5% year over year and down 2.0% from Q2.
Home prices decreased in 18 of the 20 metropolitan areas tracked by Case-Shiller in September compared with August. As of the third quarter of 2010, average home prices across the United States are at similar levels to what they were in the middle of 2003.