Categorized | Residential

Housing Double-Dip Possible in the United States?

Please Share!

Despite the recent positive outlook given to the United States, the latest data indicates that home prices once again decreased nationwide. The most recent decrease brought housing prices to levels that hadn’t been seen in the last decade.

Despite the disheartening news of yet another decline, some economists are still relatively upbeat about the market. These economists are citing the fact that the most recent decline was not nearly as significant as those that most recently came before it.

Those economists believe that the market is, indeed, likely to hit rock bottom in the coming months, and that recovery will begin soon after that moment. Despite that optimism, many have become disenchanted with the idea of recovery, as it has lost any momentum it had gained in the last month or two. Europe’s unstable situation also has made investors worried enough to keep a cautious eye on the potential impact of the situation.

Cities such as Atlanta, Chicago and New York all hit new lows during the latest quarterly report. Only three cities in total posted declines in home values from one year ago: Atlanta, Detroit, and Chicago. On the other hand, the following cities posted gains over last year’s numbers: Phoenix, Miami, Detroit, Dallas, Charlotte, and Denver.

With some cities experiencing strong gains, it is becoming evident that the market is recovering in patches. In certain areas, the market is rapidly regaining strength. On the other hand, it is still struggling to stay afloat in other areas. The areas that are performing well in the current market are those that were hit the hardest during the housing crisis.

Please Share!

About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

Leave a Reply

Twitter Chat