NYC Remains Flat as U.S. Housing Market May Be Going Into A Double Dip

S&P Composite 10 Index for 2000-2011

The Composite 10 home price indices from January are out, and not looking too good. They reported a 0.9% decline since December. In addition, the indices show year-over-year declines. Cities that win the biggest loser awards are Las Vegas at -57.73%, Phoenix at -55.35%, Miami at -49.69% and Detroit at -48.04%.

So where does this put the U.S. in comparison to the rest of the world as worst housing markets? Seventh. Business Insider’s list of the top 11 worst housing markets in the world placed poor Ireland at the top, down 10.8% from last year, as compared to a 4.1% drop in the U.S.

In this case, nothing is better than something. In the face of the feared double-dip decline, New York City housing prices remained relatively flat, according to The Real Deal.

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