The Real Estate Double-Dip Has Arrived

According to Clear Capital, home prices have plunged nationwide to lower than the previous low that occurred during the 2009 recession. Home prices in April 2011 were .7% lower than those in March 2009, the newest development in the month-long real estate value slide noted by Clear Capital. The last time Boston real estate and nationwide real estate prices began to take a sharp dip in 2008 Congress came up with the home buyer tax credit, which temporary pushed Boston real estate sales and prices. Now, there are no home buyer tax credits to save the day and plenty of evidence that Boston real estate prices may continue to fall in months to come. Boston real estate is currently ranked at #15 on Clear Capital’s list of markets performing at the lowest level. This ranking is a result of a 6.8% quarter-over-quarter drop in Boston real estate prices along with a 2.2% year-over-year decrease. Nationally, the quarter-over-quarter drop is 4.9%. Other warning indicators:

The decline in real estate prices nationally is 11.5% over a 9 month period
Clear Capital reported a quarter-over-quarter drop in real estate prices in all major metro areas tracked
34.5% of real estate sales are bank-owned property sales