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March 25, 2010

And so it begins...the real estate double dip is starting

Hoax and Chains, Whips, and Double Dips!

Last month, we reported in our Q4 Real Estate Market Reports that five of the 143 markets we covered were in the throes of a “double dip,” meaning home values showed sustained monthly increases sometime during the year, but have been falling again, for at least five months in a row, on a month-over-month basis.

Some additional markets were on the double-dip watch list. Home values, measured by the Zillow Home Value Index, were falling after earlier increases, but the falls hadn’t yet gone on long enough to constitute a real trend.

One month later, and 12 markets have made it onto the official double-dip list. The Providence, R.I. and Boulder, Colo. metropolitan statistical areas (MSAs) are among them.

The watch list has shrunk a bit, as many markets that were on it last month sunk firmly into double dip territory after January. Ten markets, including the Boston and Denver MSAs, seem poised for a double dip. Here’s the full list

So, now we see why BofA is trying to forestall strategic defaults with their 30% off principal "deal". How this situation is going to change anytime soon now that ObamaCare's new taxes and increasing HC premium costs are going to be sucking thousand of dollars more per year out of the people who might have been in a position to buy a new place remains a mystery.
		1) Less disposable income
2) ???
3) New house!
Maybe we just need sheriff Joe to "fine tune" the specifics of Step 2.


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posted by Purp at 01:49 AM

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