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


               
2009 Jul 28, 12:41am   10,422 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.

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33   missgredenko   @   2009 Jul 30, 3:57am  

heh! heh! It's amazing how people forget the markets experienced a nice upturn in 1930 only to turn around and reach lower lows. Also it took 4 years after the 1929 market crash to reach the peak unemployment. 4 years! Yes that was exacerbated by the dust bowl conditions and farm failures. (The farms failed as a result of previous overleveraging during WWI when American farmers were asked to ramp up production to help Europeans eat. Their own fields were involved w/battle).

Just like then our whole system is overleveraged. What will be the shock that sets off the next leg down? Don't sneeze anyone.

34   Fireballsocal   @   2009 Jul 30, 1:56pm  

Interpretame and nowhere but up from here: Are there any other reasons you two (And anyone else on here that agrees) believes the housing market has bottomed other than the uptick in sales this month and the president/media/fed stating the recession has ended?? You do realize that while more houses were sold in June than in May, its still a situation where the market still sucks, it just doesn't suck as bad?

Interpretame, where are you living at?

35   justme   @   2009 Jul 31, 7:02am  

NBUFH must be a fortress realtor ... or was that established already?

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