The Case-Shiller Home Price index of 20 major metro areas increased 1% compared with April, according to the S&P/Case-Shiller. The 10-city index rose 1.1% month-over-month.
Sixteen out of the 20 metro areas posted increases. Only Detroit. Las Vegas and Tampa were down on the month---all three of these cities continue to have large foreclosure overhang. Phoenix, also a city with large foreclosure overhang, was unchanged.
Prices were still lower from one year ago, pretty much across the board. Washington D.C. was the only city to experience price increases over a 12-month period, not surprising given that the federal government continues to grow. D.C. prices were up 1.3% from May 2010.
The May climb in prices is the second in a row and indicates that the recent growth in money supply is having an impact. If the money growth continues, housing prices will have likely seen their lows for this business cycle.
Come one come all buy an over priced McMansion. No job no problem just sign here. Oh and forget heating costs taxes that keep going up, water bills that keep rising...Buy now or be priced out forever!!!
ReplyDeleteOne would think that with all the DC Terroist Print-n-Spend that house prices around Parasite City would have increased 10% y-o-y. If you take a 50 mile radius around the Capital building, there are more millionaires per capita than anywhere else on earth. You see a LOT of drop-dead stupid people driving $80K cars.
ReplyDeleteThat is typical seasonal increase. Yoy is still very negative.
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