Tuesday, August 28, 2012

Home Prices Spike

If you were waiting to buy a house counting on prices dropping, you waited too long, my friends.

The S&P/Case-Shiller national home price index climbed 6.9% in the three months ended June 30 compared to the first three months of 2012. The sharp boost in home prices could signal a recovery in the U.S. housing market, according to an industry report issued yesterday.

"We seem to be witnessing exactly what we needed for a sustained recovery; monthly increases coupled with improving annual rates of change," said David Blitzer, a spokesman for S&P, in a statement. "The market may have finally turned around."

Two other key indexes covered in the report confirmed the conclusion. The 20-city index was up 6% for the quarter and the 10-city index rose 5.8%.

That's very bad news for Republicans, who are set to bash President Obama for the "poor economy".  If they come out with that in light of this great economic news, they'll look pretty dumb.

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