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Thursday, July 14, 2011

Home price spikes are seasonal, not a recovery

In fact, these seasonal increases were less than 1% on the Case-Shiller Index.  
Researchers with Capital Economics say no one should interpret recent home price increases to anything but a temporary uptick caused by better weather and seasonal factors.
A new report from Altos Research earlier this week showed the median national home price for all 26 markets studied by the firm at $450,358 in June, compared to $444,273 in May.
In addition, the latest Standard & Poor's/Case-Shiller 10-city composite went up 0.8% in April when compared to March, while the 20-city index grew 0.7%.
With the debt ceiling in play and phase out or elimination of the mortgage interest tax deduction AND decrease in confirming loan limits expect further pressure on home prices.

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