home prices

Home prices up for third month in a row

The Standard & Poor’s case Shiller report for the 20 largest cities in the US showed that prices increased in 19 of the 20 cities track. the report showed that prices rose 3.6% for the April through June quarter when compared to the prior quarter. One should keep in mind that this price increase was not adjusted for seasonal trends. this is very important because after the prior 12 months of reported home price increases were adjusted for seasonal trends, they were all down.

Also the Case Shiller report showed that home prices in 12 of the 20 cities surveyed in the report showed price increases for three consecutive months in a row. This is a very good sign for these markets and indicates that the traditional strong spring and summer buying seasons are offsetting the generally weak economic conditions, at least as far as these three cities go.

So, this Case Shiller report bring some hope for improvement in the beleaguered housing markets. But, one should keep in mind, a factor that’s missing from a number of major news outlets on this Case Shiller report. That missing or overlooked factor is that this housing report also showed that home prices were down 5.9% compared to the second quarter of 2010. Yes, what I’m saying here, is that the uptick in US home prices are all compared to the prior month or prior quarter, and when compared to the same time frame last year the reality that homeowners are facing is quite evident!

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