WASHINGTON — Home prices rose in August in half of major U.S. cities measured by a private survey, a sign that prices are stabilizing in some hard-hit portions of the country.
The Standard & Poor’s/Case-Shiller index showed Tuesday that prices increased in August from July in 10 of the 20 cities tracked. That marked the fifth straight month that at least half of the cities in the survey showed gains.
The biggest price increases were in Washington, Chicago and Detroit. The greatest declines were in Atlanta and Los Angeles.
Over the past 12 months, prices have fallen in all but two cities — Detroit and Washington.
Analysts warn that prices are certain to fall again once banks resume millions of foreclosures that have been delayed because of a yearlong government investigation into mortgage lending practices.
The index, which covers half of all U.S. homes, measures prices compared with those in January 2000 and creates a three-month moving average. The August data are the latest available.
Home prices have stabilized in coastal cities over the past six months, helped by a rush of spring buyers and investors. But this year, home prices in many cities, including Cleveland, Detroit, Las Vegas, Phoenix and Tampa, have reached their lowest points since the housing bust more than four years ago.
Sales of previously occupied home sales are on pace to match last year’s dismal figures — the worst in 13 years. Sales of new homes fell to a six-month low in August and this year could be the worst since the government began keeping records a half century ago.
Housing is a key reason why the economy continues to struggle more than two years after the recession officially ended. Foreclosures and short sales — when a lender accepts less for a home than what is owed on a mortgage — makes up about 30 percent of all home sales last month, up from about 10 percent in past years. The large number of unsold homes and foreclosures are sending prices lower and hurting sales.
by Derek Kravitz Associated Press Oct. 25, 2011 06:32 AM
Home prices up in half of major US cities
Reuters: Business News
National Commercial Real Estate News From CoStar Group
Latest stock market news from Wall Street - CNNMoney.com
- ► 2016 (145)
- ► 2015 (146)
- ► 2014 (102)
- ► 2013 (395)
- ► 2012 (392)
- Reagor: Revised program targets underwater homeown...
- Economists warn housing prices will lose more grou...
- Pending home sales fell 4.6% in Sept.
- Scottsdale condo prices up nearly 5% as foreclosur...
- $1.6 billion Prasada project stays on track in Sur...
- Judge approves Chapter 11 for Realty Executives
- Economy picked up over summer
- Scottsdale approves 2nd plan for apartments near a...
- New-home sales up 5.7%, builders slash prices
- Sarkozy Turns to Hu for China Aid as Europe Expand...
- Greece to get 100 bil euros in more rescue loans
- Home prices up in half of major US cities
- Banks score higher in satisfaction survey
- Ad blasts Romney housing comment
- Arizona underwater homeowners to get refinance hel...
- Phoenix homes, part of segregated past, demolished...
- Debt crisis plan is not yet ready
- Massive West Valley development to launch
- Europe's big banks under pressure in crisis
- Developer lays out ideas for dude ranch in Scottsd...
- Combs: Seller isn't absolved in 'as is' sale
- Realtors decry potential loss of mortgage deductio...
- Wall Street Has Worst Quarter Since Crisis in Bank...
- Arizona unemployment rate down in September
- Scottsdale council OKs first plan for apartments n...
- Scottsdale Waterfront rides wave in low tide
- Citigroup to pay $285 mil to settle SEC fraud char...
- Chase's CEO backs a bright outlook
- Origination News - NAR: Lower GSE Loan Limits Alre...
- Perspective: Problem with Housing 2011
- Office-space rent prices decline in Valley
- The new normal: Higher bank fees are here to stay
- Think before switching banks
- Fed: Crisis alters central-bank focus
- Middle-class homeownership dream may be slipping a...
- World population nearing 7 billion
- Mortgage fraud plea involves 40-plus homes
- TDI proposes 667 apartment units for One Scottsdal...
- Phoenix seeks to cancel $97.4 million pact with Ci...
- Myths, misperceptions about credit scores rampant
- EU exec, France want voluntary bank deal on Greece...
- Report: Fewer foreclosures slowed Sept. resales in...
- Fed minutes: 2 policy makers saw need for bolder s...
- Scottsdale Airport Commission rejects apartment pr...
- FDIC backs ban on banks trading for own profit
- Interest in Scottsdale McDowell Corridor redevelop...
- Census numbers detail Arizona's housing bust
- China investment arm buys bank shares to support m...
- Scottsdale entrepreneur thinks inside the box
- European Central Bank offers banks new emergency l...
- Germany, France devise bank plan
- Moody's sees Volcker rule as credit negative for b...
- Windows of time
- Scottsdale-area home prices edge up in 3 areas
- Phoenix-area home prices remain too cheap
- Phoenix-area real estate collapse echoed troubles
- Phoenix-area home price changes vary greatly
- Realty group opens office in Scottsdale
- Gold drops 1 percent after Italy, Spain downgraded...
- Work to start on renovating retail center
- Rush is on to build 3,500 apartments in Scottsdale...
- Mixed-use project coming to Arcadia
- Interest in Scottsdale McDowell Corridor redevelop...
- Maricopa County tops list for home vacancies
- Census: Housing bust worst since Depression
- Phoenix-area bankruptcy filings continue to drop, ...
- Recent data on housing show things looking up
- CBRE Investors pays $53.5 mil for operations hub
- Proposal to shape access to Sonoran Desert
- Sales up 20% at Scottsdale's Windgate Ranch
- Home prices up for 4th month
- Seattle investors buy W. Phoenix apartments
- Ex-leaders of Radical Bunny face SEC grilling
- Arizona trying new ways to assist homeowners
- Moving to downtown Phoenix has saved couple lots o...
- Reagor: Few details on plan for refinancing
- Rental housing becoming less affordable
- Fulton Homes to open 3 new subdivisions | Central ...
- Cross collateralization can trip up borrowers
- IMF vows to tackle Europe debt troubles
- Scottsdale Airpark multifamily housing plans advan...
- Developer leaves Glendale, Scottsdale picking up p...
- Fed plan, fear push 10-year yield to record low, b...
- Seized lands to be placed on auction block
- IMF downgrades its outlook for U.S., Europe
- Agency encourages short sales by offering money
- Doubting value of owning a home
- ▼ October (87)