Industry NewsMarkets & Economy

Home prices ‘double dip’ in January

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A home-price index that tracks prices in 20 markets showed prices continuing to "double dip" in January, hitting a new low for the downturn. With price declines slowing, some analysts are still predicting home prices will bottom this year.Home prices in 20 markets tracked by the S&P/Case-Shiller Home Price Indices were down 0.8 percent from December to January and fell 3.8 percent compared to January 2011.Prices fell from December to January in 16 of 19 markets tracked (Charlotte, N.C., was excluded because of delays in data reporting), and only three markets eked out annual price gains: Denver, Detroit and Phoenix.Eight markets saw new lows in January: Atlanta, Chicago, Cleveland, Las Vegas, New York, Portland, Seattle and Tampa. Taken as a whole, the 20-city composite index showed prices back to early 2003 levels, down 34.4 percent from a 2006 peak. Although the latest numbers from S&P/Case-Shiller show the double dip in housing prices continuing, Bill McBride, auth...