Home prices continue rebound

Case-Shiller index shows fourth straight month-over-month increase. Year-over-year decline moderates more than expected

Home prices rose for the fourth month in a row during August and suffered a smaller-than-expected annual drop, according to a report issued Tuesday.
Prices in the S&P Case-Shiller Home Price index of 20 cities rose a non-seasonally adjusted 1.2% in August. It was the fourth consecutive monthly increase and followed a 1.6% gain in July.
Prices were down 11.3% versus August 2008, but that drop was less severe than expected. Analysts surveyed by Briefing.com had forecast an 11.9% year-over-year drop.
"Broadly speaking, the rate of annual decline in home price values continues to improve" said David Blitzer, chairman of Standard & Poor's index committee.
While many U.S. markets remain down versus this time last year, the relative rate of decline "has shown some real improvement," Blitzer added.
Home prices improved on an annual basis in 19 of the 20 major metropolitan markets in the survey.
State by state. In California, home prices have recovered notably from depressed levels in recent months, according to the report.
Home prices rose 2.8% in San Francisco during August, while San Diego prices were up 2.5% and Los Angeles gained 1.8% in the month.
Minneapolis had the biggest increase, with home prices rising 3.2% from July to August.
But prices continued to slide in areas that have been hit hard by foreclosures. Prices dropped 0.5% in Cleveland and 0.3% in Las Vegas during August.
A shaky recovery. Overall, the housing market has been stabilizing as low home prices and attractive mortgage rates, as well as government tax credits, have revived anemic home sales.
7 cities where home prices will keep rising
However, the market remains hampered by unemployment, which rose to a 26-year high last month. And real estate analysts had warned that the expiration of a popular new homebuyer tax credit next month could stifle the rebound in home sales. Good news for all of us is that it looks very likly that a new and inproved bill will be past in the very near future

It is our opinion that that the recovery will continue, and I would expect even more modest declineing values in certain markets. And although some may consider the following to be a bold statement We would also expect to see  appreciating home values in many parts of the country. For the investors out there, this is and will continue to be a very target rich inviorment going foward. For more information on the opportunites this market can provide to  you please contact us.


Home prices on the mend

Nineteen of the 20 metro areas showed improvement in the annual rate of decline during August.


City     Change from      Year-over-
                   July                year change

Atlanta    1.0%     -10.6%
Boston    0.9%       -4.2%
Charlotte-0.4%       -8.6%
Chicago  1.7%      -12.7%
Cleveland       -0.5%      -2.8%
Dallas     0.2%      -1.2%
Denver    1.0%      -1.9%
Detroit    1.9%      -22.6%
Las Vegas     -0.3%      -29.9%
Los Angeles    1.6%     -12.0%
Miami      1.1%     -18.8%
Minneapolis     3.2%     -13.7%
New York 0.5%      -9.6%
Phoenix   1.6%    -25.1%
Portland   0.3%    -12.5%
San Diego1.6%     -8.9%
San Fran         2.8%    -12.5%
Seattle     0.1%-    14.7%
Tampa     0.4%    -17.7%
Washington     1.4%     -7.9%