Housing Market Shows Pockets of Improvement
As you know, Playa Realty & Management, LLC Property Managers are licensed realtors. When the time comes for you to buy or sell properties, we would like to be your first choice to represent you. The following article, although not glowingly positive, at least indicates that there are pockets of improvement in the housing market. It talks about small signs of improvements.
WASHINGTON – April 25, 2012 – Home prices continue to fall but there are small signs of improvement.
Nationwide, prices fell 0.8 percent in February, the sixth-consecutive month of price declines, according to the Standard & Poor’s/Case Shiller index released Tuesday. When adjusted for seasonal factors, prices rose 0.2 percent.
The latest Federal Housing Finance Agency index shows home prices rising 0.4 percent for the 12 months ended in February, the first 12-month increase since July 2007.
“Home prices are slowly bottoming out,” says Steven Ricchiuto, chief economist of Mizuho Securities.
March numbers appear to be stronger, says Stan Humphries, chief economist of Zillow. A report it’s releasing today shows home prices rising 0.5 percent from February to March, the largest monthly increase in almost six years.
The FHFA index, which includes fewer distressed homes than the Case-Shiller data, shows prices are holding up better in markets with fewer distressed homes, says Patrick Newport, IHS Global Insight economist.
Prices are picking up in some markets especially hard hit by the foreclosure crisis.
Zillow forecasts Phoenix will see a 6.5 percent gain in the next 12 months, the nation’s best home price appreciation rate.
Miami will follow Phoenix, with a 5.6 percent gain in the next year, Zillow says.
Phoenix and Miami both suffered huge price declines but are attractive to second-home buyers and investors, Humphries says.
(© Copyright 2012 USA TODAY, a division of Gannett Co. Inc., Julie Schmit)
As the market improves and if you decide to sell your property, please remember that the Property Managers of Playa Realty & Management are fully licensed and ready to help you with all your real estate needs.
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