Talking about reports from both the FHFA and Case-Shiller on home prices plus how the election might be hurting the real estate market…
FHFA House Price Index July 2012
The FHFA just released their report on US home prices for July 2012. Let’s take a look and compare their numbers to what is happening in Upstate South Carolina:
- US house prices rose 0.2% from June 2012 to July 2012
- For the 12 months ending in July, US house prices increased 3.7%
- US home prices are 16.4% lower than April 2007 and are about the same as back in June 2004
Check out the chart from FHFA showing US home prices:
Now let’s look at home prices in Upstate South Carolina:
- The Median Home Price in July 2012 was 3.8% higher than July 2011
- The Median Home Price in August 2012 was 4.6% lower than August 2011
Looking Forward to the End of the Political Ads
I get sick of hearing all the various political ads. Really feel sorry for the lemmings that believe whatever they hear during an election season because sadly, it is rare that we actually hear the truth in any political ad. Which leads to more uncertainty. That uncertainty probably explains why 25% of Americans would put off buying a home until after the election.
I sure hope that no one thinking about buying a home waits too long and misses out on the home of their dreams. Plus we really have no idea what either Obama or Romney will do about housing. Sure Romney has released his laughable plan for housing. Or we can look at Obama’s record of saying a lot but doing little and wonder IF Obama will do anything at all.
The key is to look at your personal situation, your finances, your long terms goals and make the decision if now is the right time for you to buy a home. Do not let fear or uncertainty stop you from buying IF now is the right time for you to buy a home. Believe me, the super low mortgage rates combined with some of the great deals available today makes buying very very attractive!
Case-Shiller Reports Increase in Home Prices
So FHFA reported an increase in home prices and I must also mention that Case-Shiller is reporting that the average US home price increased by 1.5% for their 10-City Composite and by 1.6% for their 20-City Composite from June 2012 to July 2012. Case-Shiller’s 10- and 20-City Composites increased 0.6% and 1.2% in July 2012 from the July 2012 level.Case Shiller said that home prices are back to levels we have not seen since 2003.
David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices said
All in all, we are more optimistic about housing. Upbeat trends continue
While this is talking about US home prices, let’s hope that it is only a matter of time before we start seeing similar conditions in Upstate South Carolina. It may still be too early to say that housing has recovered but we might be safe to say that housing is recovering.
We are seeing positive reports almost every week from many different sources, including many that are not buy-a-house-now cheerleaders.
Just letting you know…