Index shows home prices increase from June to July
Published: September 29, 2009
NEW YORK -- A closely watched index of home prices shows year-over-year improvement for the sixth month in a row and prices in all 20 cities rose from June to July.
The Standard & Poor's/Case-Shiller home price index of 20 major cities released today rose 1.2 percent from June. Though home prices are still 13.3 percent below July a year ago, they have risen for three months straight.
The index is down about 33 percent from the peak in mid-2006. Home prices are now at levels not seen since the third quarter of 2003.
-- The Associated Press
Reader Reactions
Hmm… I wonder whose ‘fault’ this nationwide recovery is? Where are all the usual suspects now?
Guido,
Anyone who has an ‘05 Option ARM loan that resets in ‘10 should have refinanced by now, considering how low 30-year fixed is.
I know. I know. Banks ... equity ... good credit rating ... yada yada.
Some won’t be able to. Just no way to tell how big that number is and in what states they are located. Most likely it’s the big four: FL, CA, AZ & NV.
If the report is accurate it just means the “Greed” factor is coming back into play. The 13 percent lower than last year maybe indicates the value last year was close to the actual value minus the greed factor from sellers, real estate agents and mortgage brokers.
Dollars to doughnuts says your assertion is false. There’s almost zero chance of demand keeping up with supply in the next two years.
August set another record for foreclosures. When the option/ARM loans start resetting, look out below.
“Buy low. Sell high.“
This is as low as it will ever get in your lifetime.
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