Thursday, December 20, 2012

Home Prices Rise for the Sixth Straight Month

The Federal Reserve Manipulated Housing Boom (The Sequel) is playing in real estate markets across the nation.

Data through September 2012, released today by S&P Dow Jones Indices for its S&P/Case-Shiller Home Price Indices showed that home prices continued to rise in the third quarter of 2012.  The national composite was up 3.6% in the third quarter of 2012 versus the third quarter of 2011, and was up 2.2% versus the second quarter of 2012.

“Home prices rose in the third quarter, marking the sixth consecutive month of increasing prices,” says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “In September’s report all three headline composites and 17 of the 20 cities gained over their levels of a year ago. Month-over-month, 13 cities and both Composites posted positive monthly gains.

Atlanta, Detroit and Las Vegas remain the only three cities with average home prices below their January 2000 levels.  Detroit with a 79.82 print, is nearly 20% below its January 2000 level.

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