Home prices rise for the fifth straight month

Discussion in 'Current Events' started by Chris, Dec 29, 2009.

  1. Chris
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    Chris Gold Member

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    Dec. 29 (Bloomberg) -- Home prices in 20 U.S. cities rose in October for a fifth consecutive month, putting the housing market and economy farther along the path to recovery.

    Tax credits for first-time buyers and mortgage rates that are less than a percentage point from record lows may prevent the market from retreating after sales jumped 35 percent over the first 11 months of 2009.

    Home Prices in 20 U.S. Cities Rose for Fifth Month (Update2) - BusinessWeek
     
  2. uscitizen
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    uscitizen Senior Member

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    In 20 us cities, overall prices dropped.
     
  3. rightwinger
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    rightwinger Paid Messageboard Poster Gold Supporting Member Supporting Member

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    Once again good economic news..

    Means there is more competition for homes, more buyers. Five straight months shows a solid economic trend
     
  4. Navy1960
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    Navy1960 Senior Member

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    The indexes showed prices in 10 major metropolitan areas fell 6.4% in October from a year earlier, while in 20 major metropolitan areas, home prices dropped 7.3% on the year. However, both indexes were flat in October compared with the previous month.

    David M. Blitzer, chairman of S&P's index committee, said the data, best described as flat overall, will likely "spark worries that home prices are about to take a second dip" as the come after a series of solid improvements.

    "The turn-around in home prices seen in the spring and summer has faded with only seven of the 20 cities seeing month-to-month gains, although all 20 continue to show improvements on a year-over-year basis," he said.

    U.S. Home-Price Declines Slowed in October - WSJ.com

    Sorry if I'm a little skeptical on the news that prices fell slower than they used too and then call that some sort of recovery. In fact, I would LOVE nothing better than our economy to turn around and I personally don't care who is charge as long it does. However, I also don't think lowering one's expectations and then calling that an indication that things are great serves any useful purpose.

    Of the 20 cities in the index, five showed improvements in prices since September, with New York unchanged. The biggest gain was in Phoenix, with a 1.3 percent increase, followed by San Francisco with a 1.2 percent rise in prices.

    Decline in home prices slows - Denver Business Journal:

    1.3% as compared to an overall loss of 35-45% in Phoenix.

    TEMPE, Ariz. — An Arizona State University professor is predicting another wave of home foreclosures early next year in the Phoenix metropolitan area.

    Associate Professor of Real Estate Jay Butler is the author of the latest Realty Studies report from the W. P. Carey School of Business at ASU.

    He believes the foreclosure rate will pick up after the first of the year because of the continued weak job market and frustration on the part of homeowners struggling to pay their mortgages.

    Last month, 61 percent of the activity in the Phoenix-area housing market consisted of foreclosures and the re-sales of previously foreclosed-on properties. About 3,000 homes were foreclosed in November
    The Associated Press: Another wave of Phoenix-area foreclosures forseen

    Personally I don't call the forclosure market an indication that the economy is picking up.
     
  5. Neotrotsky
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    Neotrotsky Council to Supreme Soviet

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    Shhh....

    They still think the Pork Bill worked as it was claimed to
    :lol:
     
    • Thank You! Thank You! x 1
    Last edited: Dec 29, 2009
  6. Toro
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    Toro Diamond Member

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    The Case-Shiller index bottomed in April. The home price index is up 5.3% since.
     
  7. Chris
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    Chris Gold Member

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    Shhh....

    The Republicans don't want to hear any good news.
     
  8. Mike458877
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    Mike458877 Conservative

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    Chris, I hope you are a young man and in college with the opportunity to actually educate yourself on economics and the misrepresented indicators often shared. .................. & not past the point of no return like Rightwinger!

    Mike
     
  9. California Girl
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    California Girl BANNED

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    *CG leans over and whispers quietly to Chris*

    Some of us just prefer fact to fiction. If we know bad stuff is coming, we can prepare for it. Rather than the liberal mantra of deny, deny, deny and if deny don't work, blame Bush. Idiot.
     
  10. rightwinger
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    rightwinger Paid Messageboard Poster Gold Supporting Member Supporting Member

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    Listen up America! Pay no attention to all those promising economic indicators. They are all fabricated by Liberals to make Obama look good.
    Dow Jones up from 6500 to 10500? liberal nonsense.
    Home sales and prices up for the first time in 18 months? Bullshit
    GDP up two quarters in a row? Democratic spin
    Production up, consumer confidence up, inflation low........more liberal nonsense
    Jobs lost Nov 08 700,000....Jobs lost Nov 09 11,000......doesn't count because jobs were still lost

    Yes America....Only Conservatives truly understand what a failing economy is. It only took them 18 months to acknowledge that theirs is failing
     

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