Home prices rose in Q2

Here’s the next piece of positive news on the housing market: U.S. home prices rose in the second quarter for the first time in three years while logging a second-straight monthly increase in June, according to the S&P Case-Shiller home-price indexes (WSJ). Out of the 20 cosmopolitan cities that were part of the data, five posted a decline while the rest rose.  From last year, home prices dropped 15% but rose 1.4% from May.

Tampa, Detroit, Charlotte, Las Vegas, and Seattle were the dropped with LV still the biggest loser.  Cleveland and San Francisco gained the most.

Some inputs from CalculatedRisk:

The Composite 10 index is off 32.6% from the peak, and up about 9% (annualized) in June.
The Composite 20 index is off 31.4% from the peak, and up in June.
  • The Composite 10 index is off 32.6% from the peak, and up about 9% (annualized) in June. It is off 15.1% over the last year.
  • The Composite 20 index is off 31.4% from the peak, and up in June. It is off 15.4% over the last year.

Here’s a chart also from CR showing the price movements from ’87.

CaseShillerJune2009

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