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U.S. housing market double dips

The feared double-dip drop in home prices across the United States has become a reality, after the S&P/Case-Shiller U.S. National Home Price Index showed home prices fell by 4.2 percent in the first quarter of 2011. David Blitzer, Chairman of the Index Committee at S&P, tells BNN that hopes for a housing recovery are quickly fading.

“The idea that we’re going to have a big boost in housing—the kind of thing we usually get at the end of a recession and we clearly missed this time around—that doesn’t seem to be in the cards for quite some time,” he says.

Blitzer says the problems facing the housing market are the same as before.

“We’re still faced with a lot of the same issues—huge number of foreclosures, a lot of excess supply, clearly nervous and not very confident buyers…and lenders who don’t want to lend money like crazy like they did a few years ago,” he says. CTV Two CTV News CTV News Channel BNN - Business News Network CP24