Rising Home Prices Positive News For The Economy

June 27, 2012

in News

Rising Home Prices Positive News For The Economy

A new report shows home prices rose from March to April in 19 of the 20 largest cities. Standard & Poor’s Case-Shiller Home Price Index also shows that prices were up one 1.3% nationally. House sales are up, mortgage rates are the lowest ever, and builders are starting to build again. Are we rising, at last, from the worst real estate collapse since the Great Depression? Luis Silva, for one, is looking to buy his own home after renting for the past three years. He’s shopping in a market where prices are climbing, up 0.4% from March to April this year in Miami and 3.2% year-to-year. The numbers are reflecting a growing demand. “People are out there looking at houses, thinking about buying house,” said Yale University professor Robert Shiller, who tracks housing prices across the country. In Shiller’s 20-city composite, San Francisco was up 3.4% from March to April, Washington, D.C. was up 2.8%, Phoenix was up 2.5% and Atlanta and Cleveland were both up 2.3% in the same time period. [Read this article]

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