If the price of your home took a beating when the housing bubble burst, or if you bought a home in recent years and have been waiting for prices to trend upward, the data on one new report should be good news. [More]
We here at Consumerist are eternal optimists. Which is why we popped open the champagne this morning when the latest S&P/Case-Shiller index showed a .5% year-over-year increase in home prices for June, the first such uptick since late 2010.
If you’re waiting for home prices to start going up before you sell your house, feel free to keep waiting. As of December, house prices were still slipping, reaching their lowest levels in five years according to one index.
Home prices continued to drop in November, according to the latest report that covers 20 cities across the country in its index. Out of those 20, 19 saw a decline, resulting in a 1.3% dip from the previous month in the index score.
Overwhelmed homeowners looking for a life raft splashed around to no avail in the third quarter, but they did receive more company. According to Zillow, the amount of underwater homeowners — those who owed more than their home was worth — rose to 28.6 percent from 26.8 percent in the second quarter.
Home prices are headed for yet a third bottom, their lowest yet, says a new report by financial analytics company Fiserv.
As nearly each month passes, home sales get slower and slower. New home sales in August declined 2.3 percent from July. The numbers were up 6.1 percent from August 2010, which isn’t saying much considering that was the 48-year low for the housing market.
As we noted this morning, there is a small respite from the recent glut of melancholic economic news: home prices inched upwards. Yep, on Tuesday, the widely-watched Standard & Poor’s/Case-Shiller index posted a rise of .7% for April. Let’s put that in context with this chart. No, that’s not just an ink smudge.
A new report by Zillow says that 28.4% of all single-family houses in America with mortgages are underwater. No, we’re not talking about flooding in the south, but homes that owe more on their mortgage than they are worth. It’s even worse in places where the bubble was the biggest. In Tampa, FL, 59.8% of homes have negative equity and in Phoenix, AZ, it’s 68.4%. Declines in home values are still happening and Zillow doesn’t see a bottom happening until 2012, at the earliest.
A new study says that housing prices in the U.S. have finally gone back to a level of affordability that we haven’t seen since before the rapid price inflation of the mid-2000s housing boom.
Property valuation site Zillow says that signs of stability in the housing market are vaporizing, and U.S. home values are poised to drop another $1.7 trillion this year.
The Case-Shiller home prices index, which tracks US home prices, fell a record-breaking 16.6% from last year in 20 metropolitan areas. [Forbes]