▲
0
0
▼

S&P Index Shows Home Prices Increased From April To May


               
2009 Jul 28, 12:41am   10,437 views  35 comments

by WillyWanker   follow (0)  

NEW YORK (AP) -- Home prices in May posted their first monthly increase since the summer of 2006, indicating prices are finally stabilizing, data Tuesday showed. The Standard & Poor's/Case-Shiller home price index of 20 major cities rose 0.5 percent from April, but was still 17.1 percent below May a year ago. Thirteen cities showed monthly increases with the best results in Cleveland, Dallas and Boston.The 10-city index rose 0.4 percent from April, but was off 16.8 percent from May last year. It was the fourth consecutive month both indexes showed slowing price declines.The 20-city index has lost more than 32 percent since its peak three years ago, putting home prices back to mid-2003 levels."

Link:

finance.yahoo.com/news/Index-shows-home-prices-apf-2677200888.html?x=0&setopStories&pos=1&asset=&ccode=

No one is saying that the market is going back to 2006 prices, but this is positive news for the economy. These stories are beginning to trickle out and they should be dealt with on Patrick.net. Not addressing them is akin to those who refused to see the bubble for what it was: unsustainable.

Comments 1 - 3 of 35       Last »     Search these comments

1   justme   @   2009 Jul 28, 1:26am  

This is the third time Wanker is planting one of these price-cheerleading stories in less than a week. What is up with that?

Newsflash: Prices almost always go up from April to May, because May is the peak of the buying season, every year . But they have not risen when seasonally adjusted (year-over-year).

Here is the debunk:

http://www.calculatedriskblog.com/2009/07/case-shiller-prices-fall-in-may.html

2   WillyWanker   @   2009 Jul 28, 1:46am  

'Planting'? Thanks for sharing, justmoi.

3   ch_tah2   @   2009 Jul 28, 2:10am  

Doesn't this also have the inherent flaw that when homes in higher priced markets finally start selling it skews home prices upward.

I'm a little surprised it isn't up more than that. The gov't is throwing everything at this and it can only manage 0.5 increase.

Comments 1 - 3 of 35       Last »     Search these comments

Please register to comment:

api   best comments   contact   latest images   memes   one year ago   users   suggestions   gaiste