Home Values Rise

Posted on August 25th, 2009 in All Articles.

Are we at the bottom of falling home prices? We don’t know for sure, but there are some signs of light at the end of the tunnel. Check out this article from the Chicago Sun Times:

Chicago home prices rise in June
BY FRANCINE KNOWLES fknowles@suntimes.com
Chicago home prices rise in June

Tue, 25 Aug 2009 04:00
BY FRANCINE KNOWLES fknowles@suntimes.com

Home prices in the Chicago metropolitan area rose 1.1 percent in June over May, but were down 16.7 percent from a year earlier according to the latest Standard & Poor’s Case-Shiller home price index.

Nationally, prices rose 2.9 percent in the second quarter from the first quarter, the first quarter-over-quarter improvement in three years. But prices were down 14.9 percent from a year earlier.

“For the second month in a row, we’re seeing some positive signs,” David Blitzer, chairman of the Index Committee at Standard & Poor’s, said in a statement. “There are hints of an upward turn from a bottom.”

The 10-city and 20-city composite indexes were each up 1.4 percent in June over May, their second consecutive monthly increases. But they reported annual declines of 15.1 percent and 15.4 percent respectively. Still, that was down from recent record losses of 19.4 percent and 19.1 percent. Eighteen of the 20 metropolitan areas saw improvement in their annual returns compared to those over May and the same 18 showed positive month-over-month returns.

But in spite of the recent positive data, overall numbers remain weak. Fifteen of the 20 metropolitan areas reported double digit annual declines, and Las Vegas and Detroit continued to struggle severely. They were the only two markets that fell in June and that saw deterioration in their annual rates of return, according to the report.

Let us know what you think where the market is at, leave a comment :)