Home Price Index Update Shows Double Dip

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The S&P Case Shiller Home Price index was updated yesterday with data through March 2011, or 2011 Q1. Here is the press release [PDF]. Here is the chart:

Click to enlarge. Sources: S&P Indices

Nationally, home prices are back to their mid-2002 levels. This means that any run-up in home prices between 2002 and the 2006 peak has been erased. On average home prices are selling at the same value they were nine years ago and are 34% below their 2006Q2 peak.

I feel like this whole thing is still going to take a while to fully unwind.

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  1. A double dip is in the worse nightmare of so many people. Housing or stocks no longer deemed safe. Is it now once again cash is king? Or should we hold on to our golds, if we were smart enough to buy some before $800/oz?

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