James Saft is a Reuters columnist. The opinions expressed are his own.
HUNTSVILLE, Ala. — Housing in the U.S. is in the midst of a double dip in prices, a threat to the economic health of banks, households and the country itself.
S&P Case-Shiller will release on Tuesday their house price index, which will likely show a fall to a new post-bubble low, with prices now back to where they were in the middle of 2003.
House prices have hit a new post-bubble low, down almost a third from their 2006 peak, according to data released on Tuesday by S&P Case-Shiller.
Pending home sales, released last week by the National Association of Realtors, fell by 27 percent in April compared to the year before, an 11.6 percent fall in the month.
Given that we are supposed to be in the Spring home selling season, the outlook for the rest of the year is not good.