Biz Journals with the bearish view:
Below is the year over year change by city through October, which appears to show that we are entering another leg down in a large portion of the nation's housing markets.
One of the nation’s leading real estate indexes showed home prices are on the decline across the country, raising fears of a double-dip recession in the housing market.
Home prices in the Case-Shiller 20-City Composite fell by .8 percent in October, compared to the 4.6 percent gain it saw in May before the federal housing tax credit expired.
“The double-dip is almost here, as six cities set new lows for the period since the 2006 peaks,” David M. Blitzer, chairman of the Index Committee at Standard & Poor’s, said in a statement. “There is no good news in October’s report. Home prices across the country continue to fall.”