Home Prices In 20 U.S. Cities Mark First Gain Since 2010
Source: Bloomberg
Home prices in 20 U.S. cities climbed in June from a year earlier, the first gain in almost two years, indicating the market that triggered the recession is beginning to rebound.
The S&P/Case-Shiller index of property values in 20 cities increased 0.5 percent from June 2011, the first gain since September 2010, a report from the group showed today in New York. The median forecast of 29 economists surveyed by Bloomberg News called for a 0.05 percent drop. Nationally, prices jumped last quarter by the most in more than six years.
Rising demand driven by mortgage costs close to a record low has trimmed the glut of unsold houses on the market, which may continue to give property values a lift. Waning foreclosures and more access to credit would further stabilize the industry, and bolster consumer confidence and spending.
“The price gains are becoming broader,” said Brian Jones, a senior U.S. economist at Societe Generale in New York, who projected values would rise. “This is certainly a positive step,” he said, “but we still have a long way to go.”
Read more: http://www.bloomberg.com/news/2012-08-28/home-prices-in-u-s-cities-increased-0-5-in-year-ended-june-1-.html
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