The U.S. residential real estate market experienced a dreaded “double dip” in April, according to Clear Capital, as a leading index dropped below the prior, post-recession market low set in March 2009.
Truckee, Calif.-based Clear Capital monitors the residential real estate market. It found that nationwide home prices dropped 5 percent in April compared to one year ago and are down 11.5 percent over the prior nine months, a rate of decline not seen since 2008.
Clear Capital’s Home Data Index for Portland dropped 10.1 percent compared to a year ago while Seattle prices dropped 12 percent in the same period.
Clear Capital also said distressed properties, including foreclosures, represented 34.5 percent of the market in April.
Locally, distressed properties represented 31.1 percent of the Portland market and 27.4 percent of the Seattle market, it said.
“The latest data through April shows a continued increase in the proportion of distressed sales that are taking hold in markets nationwide,” said Alex Villacorta, director of research and analytics. “With more than one-third of national home sales being (distressed), market prices are being weighed down as many markets have not regained enough footing to withstand the strain.”
Clear Data said the nation’s five best markets are Charlotte, N.C., Washington D.C., Tucson, Ariz., Dallas and Philadelphia.
The five worst markets were Detroit, Hartford, Conn., Milwaukee, Wisc., Cleveland and Chicago.
Read more: Report: Residential market hits double dip | Portland Business Journal
- Worst Housing Markets For 2011: Clear Capital Markets (huffingtonpost.com)
- Clear Capital Home Price Index shows Double Dip (calculatedriskblog.com)
- Rentals getting tough to find, Wendy Culverwell, Business Journal (oregonrealestateroundtable.com)
- Oregon economy climbs higher, by Suzanne Stevens, Portland Business Journal (oregonrealestateroundtable.com)