US house prices are in a double dip that has erased all of their bounce since the recession and threatens to derail a stuttering economic recovery.
The S&P/Case-Shiller house price index fell by 4.2 per cent in the first quarter of 2011, breaking through a 2009 low to hit its weakest level since 2002.
Declining house prices may cause households to rein in both consumption and home buying plans, leading to further falls in house prices and overall weakness in the economy.
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