June Release: Modest Climb, Drop Looming
According to the latest S+P/Case-Shiller data, which was released on August 31, 2010, the U.S. National Home Price index rose 4.4% in the second quarter, after having fallen 2.8% in the first. In total, 17 of the 20 major cities indexed by Case-Shiller went up in value. The only cities to buck the trend were Las Vegas, which fell 0.6%, and Phoenix and Seattle were flat. While the numbers are encouraging, troubling economic indicators, including the end of the homebuyer tax credit and high foreclosure rates, suggest that gains may soon diminish.
Showing the strongest month-over-month growth were Minneapolis, Chicago and Detroit, which all posted 2.5% increases over May. Alternately, Las Vegas was the only market to drop in value in two out of three months this quarter. Its prices hover near January 2000 levels.
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