Double Dip in some Housing Markets

As per Zillow and their statistical analysis, they have published ten cities which are experiencing a double dip recession in the real estate market. I have selected three cities for comparison and added the unemployment rate as of March 2010.

Columbus, Ohio Unemployment Rate 9.8%
Original Months of Decline: 19
Months Upward Price Trend: 7
Current Months of Decline: 5
Peak Values: $149,800 (July 2006)
Fall from Peak: -8.7%


Providence, R.I. Unemployment Rate 13.2%
Original Months of Decline: 40
Months Upward Price Trend: 6
Current Months of Decline: 4
Peak Values: $303,600 (Oct 2005)
Fall from Peak: -26.5%


Greensboro, N.C. Unemployment Rate 11.5%
Original Months of Decline: 17
Months Upward Price Trend: 6
Current Months of Decline: 5
Peak Values: $141,200 (Sept 2007)
Fall from Peak: -9.2%

Statistics should be verified through the local Realtor® Association. However, the double dip in certain housing markets is a reality. I could conclude that the second trend down has been during 2010. This is not comforting since the sales pace should have increased due to the federal tax credit extension opportunity. An increase in demand and decrease in inventory should stabilize prices. Local markets experience local problems that affect the demand and supply curve.

Check out your local market statistics.