(Don’t look for this tidbit on the CBS Evening News)
May 31, 2011 – 9:19 AM ET
NEW YORK – Single-family home prices dropped into double-dip territory in March as the housing market remained bogged down by inventory and weak demand, a closely watched survey said on Tuesday. “Home prices continue on their downward spiral with no relief in sight.” Prices in the 20 cities fell 3.6% year over year, topping expectations for a decline of 3.3%.
In the first quarter, the national index fell 1.9% on a seasonally adjusted basis, compared to a decline of 1.8% in the previous quarter. On a non-adjusted basis, they fell by 4.2% in the quarter.
JAMES O’SULLIVAN, CHIEF ECONOMIST, MF GLOBAL, NEW YORK
“The numbers have been slipping again recently. They have been flat for about two years now. On balance, housing is still not showing a rebound.
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