Home prices rose in ninth straight month (dollar, economy, Seattle)
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Single-family home prices rose in October for nine months in a row, reinforcing the view the domestic real estate market is improving and should bolster the economy in 2013, a closely watched survey showed on Wednesday.
The S&P/Case Shiller composite index of 20 metropolitan areas gained 0.7 percent in October on a seasonally adjusted basis, stronger than the 0.5 percent rise forecast by economists polled by Reuters.
"Looking over this report, and considering other data on housing starts and sales, it is clear that the housing recovery is gathering strength," David Blitzer, chairman of the index committee at Standard & Poor's, said in a statement.
While record low mortgage rates and modest job growth should keep the housing recovery on track, analysts cautioned home prices face downward pressure from a likely pickup in the sales of foreclosed and distressed properties and reduced buying investors and speculators.
Prices in the 20 cities rose 4.3 percent year over year, beating expectations for a rise of 4.0 percent.
Las Vegas posted the biggest monthly rise on a seasonally adjusted basis at 2.4 percent, followed by a 1.7 percent increase in San Diego, the latest Case-Shiller data showed
Single-family home prices rose in October for nine months in a row, reinforcing the view the domestic real estate market is improving and should bolster the economy in 2013, a closely watched survey showed on Wednesday.
The S&P/Case Shiller composite index of 20 metropolitan areas gained 0.7 percent in October on a seasonally adjusted basis, stronger than the 0.5 percent rise forecast by economists polled by Reuters.
"Looking over this report, and considering other data on housing starts and sales, it is clear that the housing recovery is gathering strength," David Blitzer, chairman of the index committee at Standard & Poor's, said in a statement.
While record low mortgage rates and modest job growth should keep the housing recovery on track, analysts cautioned home prices face downward pressure from a likely pickup in the sales of foreclosed and distressed properties and reduced buying investors and speculators.
Prices in the 20 cities rose 4.3 percent year over year, beating expectations for a rise of 4.0 percent.
Las Vegas posted the biggest monthly rise on a seasonally adjusted basis at 2.4 percent, followed by a 1.7 percent increase in San Diego, the latest Case-Shiller data showed
Yup.
The housing market is roaring back in much of the country. Here in Seattle buyers are so desperate to find available homes that we were approached with a decent offer when we didn't even have our house listed for sale - so, if all goes as planned, we're off to Arizona.
The good thing about recovering housing market is the fact that it drives so many other sectors.
My house is still worth half of what I paid for it in 1995. Yes, the value has come up but it is still not worth what I paid for it. At one point, it was worth half again what I paid for it. Now I'll be lucky to ever sell it for what I paid for it. Major loss here.
On the bright side, my brother and his wife just built a new house and prices went up so fast that it was worth $70K more than they paid for it the day they moved in. New constructions are gaining but we're not seeing the gains in existing homes. Too many of us are stuck in upside down mortgages.
My house is still worth half of what I paid for it in 1995. Yes, the value has come up but it is still not worth what I paid for it. At one point, it was worth half again what I paid for it. Now I'll be lucky to ever sell it for what I paid for it. Major loss here.
On the bright side, my brother and his wife just built a new house and prices went up so fast that it was worth $70K more than they paid for it the day they moved in. New constructions are gaining but we're not seeing the gains in existing homes. Too many of us are stuck in upside down mortgages.
Where the heck do you live where home prices are "half of what they were in 1995"?
Your neighborhood must REALLY have gone downhill. Did you find out your house was built on a toxic waste dump or something?
Yup.
The housing market is roaring back in much of the country. Here in Seattle buyers are so desperate to find available homes that we were approached with a decent offer when we didn't even have our house listed for sale - so, if all goes as planned, we're off to Arizona.
Ken
Same here. It is becoming hard to find bargins down here in FL.
No, when people buy homes, they also buy appliances, furniture, electronics, tools, garden equipment, home renovation services etc.
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