S&P/Case-Shiller signals double dip in housing

U.S. home prices fell in March for the eighth straight month, confirming the beleaguered housing market has entered a double-dip recession.

Home prices in 20 major U.S. cities declined 0.8% in March on a non-seasonally adjusted basis, according to the Case-Shiller home-price index released by Standard & Poor’s.

Prices fell in 18 of 20 cities in March on a monthly basis. Only Washington, D.C., and Seattle showed advances. Over the past year, only Washington, D.C., has seen prices advance.

On the demand side, many consumers are still having difficulty qualifying for mortgages, even though rates are low.