Industry NewsMarkets & Economy

Double dip is on the doorstep

S&P/Case-Shiller 20-city index slides into negative territory

A double dip in home prices is almost here, with home values down from a year ago in 16 out of 20 metro areas tracked by a Standard & Poor's/Case-Shiller Home Price Index.The S&P/Case-Shiller 20-City Composite Index -- which showed annual home-price appreciation of 4.6 percent in May -- re-entered negative territory in October, registering a 0.8 percent annual price decline. Although the 20-city composite is still above its spring 2009 low, the index showed prices falling from September to October in all 20 metro areas tracked.Six markets hit new lows for the current downturn: Atlanta,¬†Charlotte, Miami, Portland (Ore.), Seattle and Tampa. Only four out of 20 metro areas were still registering annual price gains: Los Angeles, San Diego, San Francisco and Washington, D.C.Although a separate 10-City Composite¬†Index posted a 0.2 percent annual growth rate in October, it too looked to be headed for negative territory after posting 5.4 percent appreciation in May."There is no¬...

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