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« Trulia's Listing of the Week | Main | In the Nick of Time - 15 year vs 30 year mortgage » May 26, 2009More good news on housing prices...Things are getting better... Today's S&P Case-Shiller report has Bay Area home prices down 30.1 percent for a the past twelve months, and down 2.2 percent for March... Which is an improvement over the previous month where home prices were down 3.3 percent... things are coming around... agents tell me everyday that the good neighborhoods are still selling and I'm personally convinced it's these sorts of numbers that are going to be folks waiting for the market to hit bottom to finally get out and buy... I think it's safe to say the bottom is a month away... When the June numbers come in, I'm betting it's going to show the first signs of raising home prices...
U.S. home prices continued their multiyear tumble in March, according to the S&P Case-Shiller home-price indexes, as the downdraft shows no near-term signs of abating. Meanwhile, U.S. consumer confidence improved sharply in May, especially in expectations for the economy six months from now, a report released Tuesday said. For the first quarter, the S&P/Case-Shiller U.S. National Home Price Index posted a 19.1% drop from a year earlier, the biggest quarterly decline for the reading's 21-year history. S&P Case-Shiller releases 10-city and 20-city indexes every month, but also releases a broader national index every quarter. Separately, the monthly numbers showed 15 of 20 major metropolitan areas posted price declines of more than 10% from a year earlier, with the Sun Belt continuing to be hit hardest. Nationally, home prices are at levels similar to the fourth quarter of 2002. Click here for the complete Wall Street Journal Story
Posted by Jeff Brooks on May 26, 2009 07:47 AM | Permalink TrackBackTrackBack URL for this entry: |
