Are Home Prices On The Upswing?
August 27th, 2009 categories: Buyer Resource, Seller Resource
The Case Shiller Index recently reported that home prices are on the upswing. With all of the negative news about Real Estate, is this for real? Yes…it is for real. Housing Affordability levels in some areas are at levels that have not been seen in a generation, and consumers are realizing this.
Nationally, home prices rose 1.4% since the first quarter of 2009, and rose 0.5% from year ago levels. As with most Real Estate indexes, the levels of growth and decline vary greatly around the country and are very pocketized.
Although Sonoma County home prices are not specifically tracked by the Case Shiller Index, San Francisco did see a healthy 5.9% increase from the first quarter of 2009. It is fair to note that San Francisco home prices were down 22% from last year.
Is this 100% good news? Not necessarily. There are pockets where home prices still continue to decline. Las Vegas home prices were down 7.8% from The first quarter of 2009, and down more than 32% from a year ago. Further…
It is also fair to note that we recently mentioned that Mortgage Delinquencies Are At An All Time High which will likely lead to more Short Sales, more Foreclosures, both of which will likely depress home prices.
As always, we will closely watch all Real Estate news and keep you informed.
