Dennis Norman
This morning the S&P/Case-Shiller Index report for September was released showing that home prices in the US increased in 3rd quarter 2009 by 3.1 percent (seasonally adjusted) from 2nd quarter. The 3rd quarter index shows a 8.9 percent decline from a year ago, however this is a marked improvement from the 14.7 decline from a year ago in the 2nd quarter. This is the second consecutive quarterly increase (2nd quarter also increased 3.1 percent from 1st quarter) and, according to the report, are now at “similar levels to what they were in autumn 2003.”
The S&P/Case-Shiller Index report has a composite index also that covers 20 large metropolitan areas and this index saw an increase in 3rd quarter as well, albeit a rather modest 0.3 percent increase. The 20 city index is down 9.4 percent from a year ago, but like the US home price index above, the annual decline is an improvement from August when it was down 11.3 percent.
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[...] that the first-time home buyer tax credit, coupled with record low interest rates and drastically reduced home prices, is giving buyers, at least first-time home-buyers, the confidence to move forward in their [...]