Tuesday, June 28, 2011

Home Prices Inch Up, Sluggishly

Federal Reserve sluggish money printing, combined with earlier government attempts to prevent foreclosure from occurring, continue to result in a sluggish housing market for most of the country, with a slight overall uptick.

From March to April the S&P Case-Schiller 10– and 20–city composite home price indexes reported positive monthly growth for the first time in eight months—up 0.8% and 0.7%, respectively.

On an annual basis both indexes remain in negative territory and six of the 20-city composite showed new index lows in April: Charlotte, Chicago, Detroit, Las Vegas, Miami, and Tampa.

The FHFA national home price index also rose 0.8 percent on a seasonally adjusted basis from March to April, yet is still down 5.7 percent from April of 2010. Across all nine Census Divisions, prices remain down on a year-over-year basis, while monthly price changes from March to April ranged from a decline of 1.3 percent in the Mountain Division to a 2.2 percent increase in the New England Division.


1 comment: