No Double-Dip Seen in L.A. Housing Prices

Greg Wilcox of the Daily News reported over the weekend that the housing market in the Los Angeles area is unlikely to suffer a double-dip in prices. The article quotes Paul Blitzer, managing director and chairman of the Price Index Committee responsible for the widely quoted Standard & Poors Case-Shiller Home Price Index, who said:

You don't have a double dip from our perspective. You just have a lot of worried people….Everybody has their own definition of a double dip and 9 out of 10 of them change it every 10 minutes or so.

Blitzer goes on to say that the housing market is returning to a more normal pattern in which local markets ebb and flow based on local conditions, unlike the case during the past few years when markets across the country tended to move in unison.