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Report: Nations housing market flops in a double dip

The U.S. housing market is in a 'double dip' - the second wave of falling prices since the Great Recession gained steam in 2008, according to the folks who operate the S and P/Case-Shiller Home Price Index.

The index tracks 20 large metropolitan areas, including Portland, and found that current house prices are back where they were in mid-2002, on average, for those cities.

In March, a dozen of the 20 cities, including Portland, fell to their lowest level on the Case-Shiller index during the current housing cycle, according to data released Monday, May 31.

In the prior year, from March 2010 to March 2011, the Portland-area housing market suffered the third-highest drop in housing prices among the 20 metro areas.

'This month's report is marked by the confirmation of a double-dip in home prices across much of the nation,' said David Blitzer, chairman of S and P's index committee. 'The rebound in prices seen in 2009 and 2010 was largely due to the first-time home buyers tax credit.'