A surprise sharp decline in house prices in the United States has analysts calling the start of the double dip for the already depressed U.S. housing market. The S&P/Case Shiller home price index for a composite of 20 U.S. cites plunged 1.3 percent in the month of October, the biggest monthly decline since March 2009. Six cities recorded new all time lows.
David Blitzer chairman of the index committee at Standards and Poor’s said “There is no good news in October’s report. Home prices across the country continue to fall.” and “The double dip is almost here, as six cities set new lows for the period since the 2006 peaks,”
» U.S. house prices tumble in October – Market Watch, 28th December 2010.