What A Housing Recovery Looks Like

Posted by The Cascade Team Real Estate on Wednesday, March 27th, 2013 at 8:49am

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 Joe Weisenthal and Mamta Badkar                            

This beautiful chart from today's Case-Shiller house price report shows that housing has made a comeback.

Not only were prices around the country up over 8%, but the year-over-year improvement continues  to accelerate nicely.

Both the 10 and 20-city composite indices had their highest increases since  summer 2006. "This marks the highest increase since the housing bubble burst,"  according to David  Blitzer Chairman of the Index Committee at S&P Dow Jones Indices.

While declining inventory has helped support home prices, housing analysts  have said housing is also seeing a "positive feedback loop" i.e. when people  think home prices are rising, they believe they will keep doing so, and credit  conditions will improve, and this  increases demand for homes.

Of course some warn, that home prices are being driven by investor demand and  not by more traditional homebuyers, and that the rise in home prices can't be  sustained.

Read more on the details of the report, see  here.

 

 

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