Chart of the Day: Here's proof that public housing prices dropped for 3 straight quarters

Total decline is 3.9%.

Barclays said that according to the Housing Development Board (HDB), public housing prices posted their third consecutive quarterly drop – the HDB resale price index fell 1.5% q/q and -3.4% y/y, after its 1.5% decline in 4Q13 and -0.9% in 3Q13, bringing the cumulative decline to 3.9% from the peak. 

Here's more from Barclays:

We believe the HDB price decline has significant implications for the private home sector as the ability of potential HDB upgraders to buy private homes will likely be curtailed as the public housing market slows down.

Private home prices in Singapore fell for the second-straight quarter as government steps to cool the real-estate market continued to take effect.

According to the Urban Redevelopment Authority’s flash estimates, its private residential property price index fell 2.7 points to 211.6 in 1Q14, down 1.3% q/q and -0.8% y/y.

This is the second straight decline after -0.9% q/q in 4Q13, which was the first decline in seven quarters (since 1Q12). Private home prices are still 59% above the last trough in 2009.