Home prices rise for 4th month in a row

Discussion

November 24, 2009

Anonymous The Jacksonville Daily Progress Tue Nov 24, 2009, 10:39 AM CST

WASHINGTON (AP) — The summer's trend of rising home prices is flattening as the traditional home shopping season ends, two reports Tuesday showed.

The Standard & Poor's/Case-Shiller home price index of 20 major cities rose 0.3 percent to 144.96 in September, the fourth monthly increase in a row. The seasonally adjusted index is now up more than 3 percent from its bottom in May, but still 30 percent below its peak in April 2006.

Another reading of home prices published by the Federal Housing Finance Agency held steady from August to September. Analysts expect prices to dip again this winter as foreclosures increase.

"As long as the unemployment rate stays elevated, you're going to see pressure on the pace of foreclosures, which are going to find their way back onto the market, depressing prices," said Dan Greenhaus, chief economic strategist with Miller Tabak & Co.

Home prices are a key ingredient to rebuilding the economy. Homeowners feel wealthier when their property appreciates in value and are more likely to spend money. Rising prices also help millions of homeowners who owe more to the bank than their homes are worth.

Currently, roughly one in four homeowners are in that situation, according to First American CoreLogic.

While prices nationally are likely to keep rising through November, "we are very worried about the potential for a huge wave of supply next year, both from private sellers and banks," wrote Ian Shepherdson, chief U.S. economist at High Frequency Economics. "Prices could easily reverse their recent gains."

Home prices rose in 11 major cities with the strongest gains in San Francisco and Minneapolis, according to the Case Shiller report. Prices fell by the most in Las Vegas and Cleveland.

Compared with a year earlier, the 20-city index was down 9.4 percent, the smallest year over year decline since January 2008.

"With housing remaining an albatross around the economy's neck, nothing would perk things up more than some increases in home prices," wrote Joel Naroff, chief economist at Naroff Economic Advisors. "That seems to be happening."

The price reports came a day after the National Association of Realtors said home resales surged by more than 10 percent in October as buyers took advantage of a special tax credit for first-time owners.

Text Only

Jolted firefighter's name released

JFD fireman shocked at incident site
A member of the Jacksonville Fire Department was electrocuted around 7:30 p.m. Tuesday evening while working on the scene of what was first reported to be a structure fire on Fort Worth Avenue.

July 27, 2010
Norton wins Pct. 2 commissioner seat
April 13, 2010
Lake Columbia public meeting tonight
The Angelina and Neches River Authority will hold public meetings Monday and Tuesday night, 5-7:30 p.m. at the Norman Activity Center in Jacksonville, 526 E. Commerce St.

Monday night's meeting is a public information meeting set by the U.S. Army Corps of Engineers, and Tuesday's will be a formal public hearing designed to gather public comments about the project.

March 1, 2010
JISD dismisses early Feb. 23
Jacksonville ISD plans an early dismissal for today, Tuesday, Feb. 23. All JISD schools will release one hour ahead of schedule. Busses will also run one hour early.

Schools will resume at 10 a.m. Wednesday, Feb. 24, weather permitting.

February 23, 2010
Alexander Haig remembered as soldier-statesman
Soldier and statesman, Alexander Haig never lived down his televised response to the 1981 assassination attempt on President Ronald Reagan. Haig died Saturday at age 85 having held high posts in three Republican administrations and some of the U.S. military's top jobs.

February 20, 2010
Flight diverts to Salt Lake after threatening note
United Airlines says a threatening note that diverted a plane mid-flight to Salt Lake City on Thursday did not contain a reference to a bomb as officials reported earlier.

February 18, 2010
White House: Awaiting inquiry on Texas plane crash
The White House says it will await the results of an investigation before deciding whether to call a plane that crashed into a Texas office building an act of terrorism.

February 18, 2010
Officials investigating Texas crash as a crime
A low-flying small plane crashed into an office building that houses the Internal Revenue Service in Texas on Thursday, and officials said they were investigating whether it was an intentional act by the pilot.

February 18, 2010
LMC adds ag program
First sports programs and a set of hospitality management courses, now an agriculture program.
Lon Morris College announced Wednesday it plans the new classes for fall 2010.

February 17, 2010
Child sex abuse conviction upheld
The conviction of George Henry Williams Jr. was upheld by the Sixth Court of Appeals last week.
Williams was convicted of continuous sexual abuse of a child in December 2008 by a Cherokee County jury and subsequently sentenced to 35 years for the offence.

February 17, 2010
More Jolted firefighter's name released Headlines

Jolted firefighter's name released

Search Results

Discussion

Home prices rise for 4th month in a row

Site Map

Contact Us