According to a news release on December 22, 2009 from the Federal Housing Finance Agency (FHFA), U. S. home prices increased 0.6% from September to October on a seasonally adjusted basis. For the 12 months ending in October, prices fell only -1.9%.
Year to date, the price index is virtually flat at +0.10% over the first 10 months of the year, an annual increase of only +0.12%. Home prices fell in only 4 of the 10 months reported so far this year.
If you are into predictions, we should see the first year-over-year price increase in the FHFA report during this recovery cycle in next month’s report, because almost the entire -1.9% drop in year-over-year prices occurred between October and November of 2008. And the October decrease will drop out of the calculation in next month’s report, giving us a decent shot at a year-over-year gain.
So, fasten your seat belts. You are about to enter the world of housing-price increases. Consumer confidence will rise, as will retail sales and GDP.
Now that’s something good to look forward to!
See the full report: http://www.fhfa.gov/
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