Housing Prices Decline again, suggesting a Double-Dip in US Housing market

S&P released the US Housing Price data today and it was another gloomy sign of a Double Dip.

S&P/Case Shiller composite index of 20 metropolitan areas declined 2.4 % year-over-year in December, 2010. While the composite held above its 2009 low, 11 out of the 20 targeted cities hit their lowest levels since home prices peaked in 2006 and 2007.

18 of the 20 cities showed annual price declines in December and 19 out of 20 saw monthly price drops.

"Despite improvements in the overall economy, housing continues to drift lower and weaker," David Blitzer, chairman of the index committee at S&P, said in a statement."

According to this data, NY is no exception. The housing prices in our local Brooklyn areas may continue to swoon for quite some time.

Considering the above, you may have a hard time selling your house if you decide to put it on the market. Or if you have been doing so, it may become more difficult to get your asking price. Therefore it may take more time to have it sold.

On the average, it takes 8-10 months to sell a house in Brooklyn NY.

However, if you find yourself in a situation where you need to sell your house fast, you can do it, too.

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