The extra-seasonal, “cash for first time homedebtors” fueled housing price bounce having reached its peak in most markets in mid-summer now appears to be completely reverting for some.
The Radar Logic home price data now indicates that there are NINE regional markets that have now dropped below their March lows.
This presents an unequivocal bump in the road of the supposed “V” shaped economic recovery as a significant “housing recovery” disappointment shapes up over the next few months.
The following rollup (click for larger) shows the regions that have now completely reverted from the summer peak to break the prior lows seen in March… some even dropping to series lows, resting at levels not seen since the late 1990s.
Note that I added “value” loss for homes purchased at the summer peak and costing either $200K, $300K, $400K and $500K… all losses are well in excess of the senseless $8000 government carrot tax “credit”.
The following are Blytic charts for each of the seven popped markets.