Prices fell 3.6% on a year-over-year basis in cheap designer handbags, compared with a 3.3% year-over-year drop in February.
The 20-city index is now below its April 2009 trough, meaning that home prices have fully retreated from designer handbags on sale posted from May 2009 through June 2010, putting housing in a double-dip downturn.
“Home prices continue on their downward spiral with no relief in sight,” said David Blitzer, chairman of the designer handbags wholesale at Standard & Poor’s. Read the full S&P release.
Housing has been plagued by cheap designer bags that have created a Gordian knot for the sector.
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