Home Prices Hit Six-Months of Gains; S&P/Case-Shiller

[Purveyor]

Source: HousingWire.com

September 29, 2009 10:16 AM CST
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US home prices may still be at levels similar to those seen in fall 2003 but, in an encouraging sign to the market, continue to improve on a year-on-year basis.

According to the latest Standard & Poor’s (S&P)/Case-Shiller home price indices, July marks the six month in a row that prices showed improvements, by way of comparison, based on the same month’s performance in the bleak 2008 market.

The 10-city and 20-city indices declined 12.8% and 13.3%, respectively, in July 2009 compared to July 2008, but that rate of decline has steadily improved throughout 2009.

“The rate of annual decline in home price values continues to decelerate and we now seem to be witnessing some sustained monthly increases across many of the markets,” said David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s.

Only a month-over-month basis, the 10-city and 20-city composites increased 1.7% and 1.6% from June to July. That follows increases of 1.4% in both indices from May to June. Of the 20 metropolitan statistical areas measured, 13 have experienced at least three consecutive months of improvement.


Read more: http://www.housingwire.com/2009/09/29/home-prices-hit-six-months-of-gains-spcase-shiller/

[Wilms]

1. Rising housing costs are good news, then bad news, then good news, then...

And it's viewed by many as a means to get rich.

Housing people and anchoring communities not so much.

[FarCenter]

2. July price decline from peak -- using the seasonally adjusted data

-55% NV-Las Vegas
-54% AZ-Phoenix
-47% FL-Miami
-45% MI-Detroit
-42% CA-San Francisco
-41% CA-San Diego
-41% FL-Tampa
-40% CA-Los Angeles
-32% MN-Minneapolis
-31% DC-Washington
-24% IL-Chicago
-22% WA-Seattle
-20% OR-Portland
-20% GA-Atlanta
-20% NY-New York
-16% MA-Boston
-14% OH-Cleveland
-11% NC-Charlotte
 -9% CO-Denver
 -5% TX-Dallas

Note that of the top 8, only Detroit is in a "non-recourse" mortagage state, where speculators can walk away from a mortgage as soon as it is underwater.

[Greyhound]

3. They have to bring people back in to the market before they dump the

7 million "hidden" foreclosures back on the market. Beware.

[mikeypooh]

4. lulz

You actually believe this drivel? I'm new here; I'm not sure if your post is facetious or if you actually believe this garbage.

Green shoots!

[notesdev]

5. The article is comedy

It's a caricature of how to try and paint the best possible picture out of some really lousy data.

We're on track for a 2011-12 bottom. And until there is a real movement to restore value to the system by curtailing the rampant embezzlement, we're going to stay there. Might be a long time...

[Po_d Mainiac]

6. Welcome to DU!

[TheWatcher]

7. He always Copy/Pastes the Best of The Propaganda

What his personal position on it is, I have no idea.

I can only hope he's smarter than that.

[pokercat999]

8. From the article:

"The rate of annual decline in home price values continues" "The 10-city and 20-city indices declined 12.8% and 13.3%, respectively, in July 2009 compared to July 2008, but that rate of decline has steadily improved throughout 2009." and this is good news?

Wow if the rate of decline continues to improve at say at least 1% per year we could have real estate inflation/deflation that is flat or neutral in just 12 or 13 years. I feel much better now! The value of my house declining just another 11% then 10% then 9% then......gives me the warm fuzzes.