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Biggest Gain In More Than 2 Years For Housing


By Mark D   Follow   Tue, 27 Nov 2012, 4:32am PST   855 views   12 comments
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NEW YORK (CNNMoney) -- In another sign of a housing market rebound, home prices posted the biggest percentage gain in more than two years in the third quarter, according to the closely followed S&P/Case-Shiller index

This latest rise comes as the housing market has shown numerous other signs of recovery in recent months. The rebound is spurred by a combination of record low mortgage rates, an improving jobs market and a drop in foreclosures to a five-year low, reducing the supply of distressed homes available. There is also a tighter supply of both new and previously owned homes on the market.

Dean Baker, the co-director of the Center for Economic and Policy Research who was one of the earliest economists to warn about the housing bubble and the trouble that lay ahead, said this recovery in the housing market should lead to some sustained housing price increases in the coming years.

"I've been an optimist as of late," he said. "Some think it'll get back to bubble prices and that's crazy. But we'll probably do better than inflation for the next few years, and people who have been underwater on their mortgage will get out from that, and build some equity."

The latest rise in the Case-Shiller index was the second straight quarter of year-over-year improvement, while the monthly annual reading has climbed for four months in a row, with six straight month-over-month increases.

"With six months of consistently rising home prices, it is safe to say that we are now in the midst of a recovery in the housing market," said David Blitzer, chairman of the index committee at S&P Dow Jones Indices.

http://money.cnn.com/2012/11/27/real_estate/home-prices/

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Call it Crazy   Tue, 27 Nov 2012, 6:55am PST   Share   Quote   Permalink   Like   Dislike     Comment 1

Robert Shiller: Home Buyers Have Become ‘Trigger Happy’
http://www.valuewalk.com/2012/11/case-shiller-index-co-author-robert-shiller-speaks-about-housing-costs/

Case-Shiller Index co-author Robert Shiller spoke with FOX Business Network (FBN) about his concerns surrounding the rising house prices. Shiller said that he believes some people have become “kind of trigger happy” and that “this might be the beginning of another boom,” but cautions that as a result “markets might be more volatile going forward.”

Shiller further states that he thinks the housing prices “will probably go up at a modest pace,” but there is still a possibility “of declines.”

Call it Crazy   Tue, 27 Nov 2012, 7:00am PST   Share   Quote   Permalink   Like (1)   Dislike (1)     Comment 2

Yep, I can smell the recovery from here!!!

*

Mark D   Tue, 27 Nov 2012, 7:14am PST   Share   Quote   Permalink   Like   Dislike (1)     Comment 3

Call it Crazy says

Shiller further states that he thinks the housing prices “will probably go up at a modest pace,” but there is still a possibility “of declines.”

good to know Shiller has turned bullish.

the possibility of being in car accident has never stopped people from driving.

jvolstad   Tue, 27 Nov 2012, 7:43am PST   Share   Quote   Permalink   Like (1)   Dislike (1)     Comment 4

I believe anything a Realtor says. Yes I do, Yes I do.

After all, they do have their code of ethics.

Call it Crazy   Tue, 27 Nov 2012, 7:46am PST   Share   Quote   Permalink   Like   Dislike     Comment 5

Mark D says

Call it Crazy says

Shiller further states that he thinks the housing prices “will probably go up at a modest pace,” but there is still a possibility “of declines.”

good to know Shiller has turned bullish.

the possibility of being in car accident has never stopped people from driving.

How do you get "bullish" from that??? He played both sides of the coin to cover his ass....

Mark D   Tue, 27 Nov 2012, 7:59am PST   Share   Quote   Permalink   Like   Dislike (1)     Comment 6

Call it Crazy says

Mark D says

Call it Crazy says

Shiller further states that he thinks the housing prices “will probably go up at a modest pace,” but there is still a possibility “of declines.”

good to know Shiller has turned bullish.

the possibility of being in car accident has never stopped people from driving.

How do you get "bullish" from that??? He played both sides of the coin to cover his ass....

no he didn't play both side.

he clearly states that he thinks prices will go up. he cautions that there is a chance that they will go down but there is even a bigger chance that they will go up.

Mark D   Tue, 27 Nov 2012, 8:02am PST   Share   Quote   Permalink   Like   Dislike (1)     Comment 7

Goran_K says

That chart pretty much ended the life of this thread.

it does if you can't read.

David Losh   Tue, 27 Nov 2012, 8:06am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 8

Goran_K says

That chart pretty much ended the life of this thread.

If you take the chart as a trend line, it's very bullish.

Mark D   Tue, 27 Nov 2012, 8:07am PST   Share   Quote   Permalink   Like   Dislike (1)     Comment 9

jvolstad says

I believe anything a Realtor says. Yes I do, Yes I do.

After all, they do have their code of ethics.

the article mentions no data provided from the NAR.

Call it Crazy   Tue, 27 Nov 2012, 9:30am PST   Share   Quote   Permalink   Like   Dislike     Comment 10

Goran_K says

The graph even shows the tax credit of 2009-2010, a tiny mole hill, from hundreds of billions of dollars.

Yep, without that bump, the chart would look even worse....

HEY YOU   Tue, 27 Nov 2012, 11:34am PST   Share   Quote   Permalink   Like   Dislike     Comment 11

Prices could go up, Prices could go down, Prices could remain stagnant.
I'm a genius.

Call it Crazy   Tue, 27 Nov 2012, 11:54pm PST   Share   Quote   Permalink   Like   Dislike     Comment 12

HEY YOU says

Prices could go up, Prices could go down, Prices could remain stagnant.
I'm a genius.

Now you sound like Shiller...

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