Double Dip in 2011: How Will Your Market Fare?
This isn't cause for celebration, however -- it merely implies that we have a cushion until prices sink below 2009 levels. National quarterly price gains dropped 2.2 percentage points from last month, and in the wake of the homebuyer tax credit, analysts expect the downward trend to continue.
The first sign to confirm analysts' fears of an impending double-dip arrived with June's existing home sales report, which marked the lowest sales level for the month since 1999.
The findings are not entirely glum, however. On a micro-market level, several cities continue to post double-digit quarterly gains, albeit at a less pronounced Pittsburgh, which has only suffered a quarterly rate of decline of 2.8 percent since the housing crisis took hold in 2006.
Divergence in local market performance has varied greatly, said Alex Villacorta, a senior statistician for Clear Capital, in a recent press release.
"All of this points to the fact that recovery in the housing market will occur segment by segment in micro markets around the country," Villacorta said.
While all signs point to a double dip in home prices in 2011, some markets will clearly fare better than others. Check back with HousingWatch for a full rundown of the most – and least likely – metro areas to weather the storm.
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