Home prices fell 11.3% Year over year in August, according to the just-releasec Case-Shiller data. Once again, however, that represents sequential improvement in prices. That being said, the bears like Whitney Tilson have been saying that the collapse would not resume until September, so this was expected.
Analysts had been looking for a decline of 11.9%. Stocks are rallying moderately, after yesterday’s decline, following these numbers.
AP: Home prices rise for the third straight month in August, signaling a housing recovery is taking hold.
The Standard & Poor’s/Case-Shiller home price index of 20 major cities released Tuesday rose 1 per cent from July to a seasonally adjusted reading of 144.5. While prices are down 11.4 per cent from August a year ago, the annual declines have slowed since February.
Prices are at levels not seen since August 2003 and have fallen almost 30 per cent from the peak in May 2006.
The latest index shows a widespread turnaround with prices rising month-over-month in 15 metro areas since June. Industry experts, however, still worry that rising unemployment and foreclosures could stifle the rebound.
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