Home prices double dip during April, according to Clear Capital

National home prices fell during April.According to Clear Capital's most recent Home Data Index, prices in the West, South and Northeast regions of the country experienced a double dip during April, falling 0.7 percent below previous lows in March 2009.Overall, national home prices during the quarter are down 4.9 percent, and down 5 percent year-over-year. During the last nine months, though, the prices are down 11.5 percent, representing the worst period of decline since 2008.Furthermore, each of the major Metropolitan Statistical Areas tracked by the HDI showed quarter-over-quarter declines. Also, the national saturation rate for real-estate-owned properties reached 34.5 percent.”The latest data through April shows a continued increase in the proportion of distressed sales that are taking hold in markets nationwide,” said Alex Villacorta, director of research and analytics at Clear Capital. “With more than one-third of national home sales being REO, market prices are being weighed down as many markets have not regained enough footing to withstand the strain of the high proportion of REO sales.”Several elements in Clear Capital's HDI paralleled totals from 2008, which is concerning considering how badly the recession affected many markets that year.While home prices did fall in the South, a recent report discovered that the market for Houston properties is showing signs of progress. ?

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