Rosy Realtor Ads Omit Pesky Housing Crash

Washington DC, San Fran, Atlanta see biggest gains

(AP) - Home prices in major US cities have risen for the first time in eight months, boosted by an annual flurry of spring buyers. Prices rose in 13 of the 20 cities tracked by the Standard & Poor's/Case-Shiller home-price index, according to the April report released today. Washington, DC, saw the biggest price increases, followed by San Francisco, Atlanta, and Seattle. The index, which covers metro areas that include about 50% of US households, rose 0.7%. It marked the first increase since July. The index measures sales of select homes in those cities compared with prices in January 2000 and provides a three-month average price. The April data is the latest available. More»

Number jumps to 23.1% at end of 2010, more likely on way

(NEWSER) - Just when it looked like the housing market might be treading water, more American homes slipped underwater at the end of 2010, reports the AP. Now 23.1% of all mortgages, or 11.1 million, outweigh the value of the house they secure—up from 22.5% in the previous quarter. The number of underwater mortgages had fallen in each of the previous three quarters, though the AP cheerily notes that was because many had gone into foreclosure. More»

Housing market gloom is over-hyped

(NEWSER) - Has the housing crisis scared you out of the market? Too bad, because there are still many good reasons to buy, writes Brett Arends in the Wall Street Journal . A few points to consider before hopping on the first train to rents-ville:

• You could get a deal: Prices are down—way down. "This is a buyer's market," Arends writes, especially if you're willing to play hardball. Could prices drop more? Sure. But that "doesn't really matter so much in the long haul."
• You'll save on taxes: Usually, "the breaks are more valuable the more you earn, and the bigger your mortgage," Arends says. So run the numbers—you could save on income, real estate, and capital gains taxes.

Big profits loom as lenders offload homes at auction

(NEWSER) - House-flipping is making a comeback as investors seek fast profits from foreclosure auctions. Lenders are overwhelmed with property, especially in foreclosure hotspots like California, Nevada, and Arizona, and their haste to sell off their huge supplies of homes can mean big flip profits for investors with knowledge of local markets, plenty of cash, and a willingness to take risks. More»

July numbers up .6% from June, but demand weakening

(AP) - Home prices rose in July for the fourth straight month, but many cities are bracing for declines in the year ahead. The Standard & Poor's/Case-Shiller 20-city home price index increased 0.6% in July from June and 3.2% from a year ago. Twelve cities showed monthly price gains. However, seven cities showed month-over-month declines and the gains in many cities were weaker from the previous month as the boost from government tax credits for homebuyers fades. More»