Despite claims of economic upturn, housing prices fell in March to their lowest point since the real estate bubble burst, new data says.
Standard & Poor’s Case-Shiller Home Price Index reports 12 of the 20 cities included in the data suffered new recession lows in March.
The desire to own your own home, long a bedrock of the American Dream, is fast becoming a casualty of the worst housing downturn since the Great Depression.
Even as the economy began to fitfully recover in the last year, the percentage of homeowners dropped sharply, to 66.4 percent, from a peak of 69.2 percent in 2004. The ownership rate is now back to the level of 1998, and some housing experts say it could decline to the level of the 1980s or even earlier.