Home Prices Near 'Double Dip' - Spokane, North Idaho News & Weather KHQ.com

Home Prices Near 'Double Dip'

NEW YORK (CNNMoney) -- Home prices in February sank 3.3% to just above the post-crisis lows reached in April 2009. It was the eighth straight month of declines.

Home values are down 32% from their peak set in May of 2006, according to the S&P/Case-Shiller index of home prices in 20 cities.

"There is very little, if any, good news about housing," said David Blitzer, spokesman for S&P. "Prices continue to weaken, trends in sales and construction are disappointing."

The drop has come in two stages. First, the index recorded 36 months of nearly uninterrupted declines after reaching the spring 2006 peak. Then came a 13-month upswing during which the index recorded a 5% gain. That rebound ended last June.

Since then, the index has recorded losses every month and it has now edged closer to a new bottom -- the dreaded double-dip. (8 best shrinking places to live)

The index now stands at 139.27, just a whisker above the first low, which came in April of 2009, when the index was at 139.26.

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