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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