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Biggest Gain In More Than 2 Years For Housing

By RealEstateIsBetterThanStocks   2012 Nov 27, 4:32am   1,495 views   7 comments   watch (1)   quote      

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/

#housing

Comments 1-7 of 7     Last »

1   RealEstateIsBetterThanStocks   174/174 = 100% civil   2012 Nov 27, 7:14am  ↑ like   ↓ dislike (1)   quote    

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.

2   jvolstad   142/142 = 100% civil   2012 Nov 27, 7:43am  ↑ like (1)   ↓ dislike (1)   quote    

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

After all, they do have their code of ethics.

3   RealEstateIsBetterThanStocks   174/174 = 100% civil   2012 Nov 27, 7:59am  ↑ like   ↓ dislike (1)   quote    

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.

4   RealEstateIsBetterThanStocks   174/174 = 100% civil   2012 Nov 27, 8:02am  ↑ like   ↓ dislike (1)   quote    

Goran_K says

That chart pretty much ended the life of this thread.

it does if you can't read.

5   David Losh     2012 Nov 27, 8:06am  ↑ like (1)   ↓ dislike   quote    

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.

6   RealEstateIsBetterThanStocks   174/174 = 100% civil   2012 Nov 27, 8:07am  ↑ like   ↓ dislike (1)   quote    

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.

7   HEY YOU   597/597 = 100% civil   2012 Nov 27, 11:34am  ↑ like   ↓ dislike   quote    

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

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