US Housing Princes Keep Falling in April, compared to one year ago.

US Home Prices haven't stopped falling.

According to the widely watched S&P/Case-Shiller home price index released on Tuesday, home prices in 20 cities fell 4 percent year-over-year in April, which is the biggest drop since November 2009.

Economists cautioned that home prices will likely continue to crawl along at low levels, and could fall further, as the battered housing market works through a slew of headwinds like foreclosures that are depressing prices and weak demand due to low consumer confidence.

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It's Official. A Double Dip is happening in the US Housing Market!

Tuesday’s release of the March S&P/Case-Shiller price index showed a drop of 3.6%, which was the largest year-to-year decline since November 2009. The decline in national home prices back to 2002 levels has many discussing a double-dip recession in housing. Sentiment on housing has also gotten worse, as 54% of Americans do not think housing will bottom until 2014.

Even with mortgage rates as low as they've been all year, the combination of a stagnant employment market and a steady stream of foreclosures was blamed for the poor result.

According to S&P, in New York, property value went down 5.3% compared to one year ago.

In this depressed housing market, many people are having a really hard time selling their properties. It is NOT uncommon that it takes 8-10 months before one can sell his/her house.

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