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SUNDAY, NOVEMBER 22, 2009
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6

Home Prices Climb in August

Nearly every major city gets a boost

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(AP) – US home prices rose for the third straight month in August, data released today showed, a key sign for a broad and sustained housing recovery. The S&P/Case-Shiller home price index of 20 major cities climbed 1% from July to a seasonally adjusted reading of 144.5. While prices are down 11.4% from August a year ago, the annual declines have slowed since February.

"If the increases are consistent across the markets," said one real estate professor before the index was released. "Then we're seeing the formation of a bottom." But industry experts still worry that rising unemployment and more foreclosures could stifle the rebound. Another unknown is whether a temporary federal tax credit for first-time buyers will be extended to help boost sales. And though most cities got a boost, prices in Las Vegas, Seattle, and Charlotte are still falling.

In this Wednesday, Oct. 21, 2009 photo shown is a sign for a home for sale in Philadelphia.
In this Wednesday, Oct. 21, 2009 photo shown is a sign for a home for sale in Philadelphia.   (AP Photo/Matt Rourke)
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6 comments
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Unaffiliated
Oct 27, 09 9:18 AM CDT
To the Newser editors, the first 2 sentences of the 2nd paragraph are not separate sentences. Here, allow me: "'If the increases are consistent across the markets,' said one real estate professor before the index was released, 'then we're seeing the formation of a bottom.'" Reply
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IN RESPONSE:
OG_Travis
Oct 27, 09 10:49 AM CDT
lol
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+1
OG_Travis
Oct 27, 09 10:52 AM CDT
But I don't believe this article. It can't be true because all the pundits on FOX tell me that it's all going to get worse. And I'm going to have abortions forced on me. And they're going to kill my grandma. Reply
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IN RESPONSE:
davjc09
Oct 27, 09 12:26 PM CDT
I believe the article's statistics. But I have problem buying the conclusions. The first-time homebuyer credit has breathed new life into the market, no doubt. But my worry is what happens when that is over. Does the market tank again? It is tougher and tougher for homebuyers to get approved for a legitimate loan. Since unemployment is still high, the risks of more foreclosures is not going anywhere. I think the home prices increase is a good sign, but we are definitely not out of the woods yet.
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IN RESPONSE:
OG_Travis
Oct 27, 09 12:35 PM CDT
I'm going to stop using sarcasm. Until there's some sort of regulation/reform/revolution then of course the same thing can happen again. What's the saying? Doing the same thing over and over and expecting to get a different outcome is....conservative or something I forget how it goes.
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