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U.S. Home Prices Continue to Improve, Index Shows
A closely watched index of home prices shows year-over-year improvement for a sixth month and prices in all 20 cities rose from June to July.
The Standard & Poor's/Case-Shiller home price index of 20 major cities released Tuesday rose 1.2 percent from June. Home prices are still 13.3 percent below July a year ago, though that was slightly better than expected. Analysts had forecast a 14.2 percent decline.
The index is down about 33 percent from the peak in mid-2006. Home prices are now at levels not seen since the third quarter of 2003.
"The rate of annual decline in home price values continues to decelerate and we now seem to be witnessing some sustained monthly increases across many of the markets," the chairman of the index committee at Standard & Poor's, David M. Blitzer, said.
But Mr. Blitzer also offered a note of caution, saying that the industry needed to assess whether the housing market would weather the expiration of the first-time buyer's tax credit in November, the anticipated rise in unemployment and a possible increase in foreclosures.
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Housing Crash to Resume on 7 Million Foreclosures
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The "huge shadow inventory," reflecting mortgages already being foreclosed upon or now delinquent and likely to be, compares with 1.27 million in 2005, the analysts led by Laurie Goodman wrote today in a report. Assuming no other homes are on the market, it would take 1.35 years to sell the properties based on the current pace of existing-home sales, they said.
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"The favorable seasonals will disappear over the coming months, and the reality of a 7 million-unit housing overhang is likely to set in," they said.
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