Wednesday, July 27, 2011

Home prices dip 4.5%

NEW YORK (CNNMoney) -- May home prices in 20 major cities dipped 4.5% from one year ago, marking a continued decline in the already battered housing market.
The S&P/Case-Shiller report posted declines in both its 20-city composite and its 10-city index, which declined 3.6% year-over-year.

But housing did show some signs of life in May. Home prices ticked higher for the second consecutive month following an eight-month slide. In May the 20-city index gained 1% compared with a month earlier, while the 10-city index rose 1.1% month-over-month.If you decide to move then check out  Moving Made Easy! Save money and get your Moving Boxes and Packing Supplies at a discount. Simply Order Boxes Online!  David Blitzer, a spokesman for S&P, was cautious in detailing the index gains. "While the monthly data were encouraging, most [metro areas] and both composites fared poorly in annual terms," he said.

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Prices are also still off more than 32% from their highs, set in July, 2006 and hover at about the same level they were in mid-2003.

According to Mike Larson, a housing market analyst for Weiss Research, the market is going nowhere fast."I like to picture it as a sailing ship caught in the doldrums," he said. "You're no longer being swept away by a hurricane but you're not moving much either."