Housing Gains Prompt Calls for Sustainable Recovery
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Second quarter housing data, as measured by the S&P/Case-Shiller Home Price Indices, showed positive annual growth rates in housing. The national composite was up 1.2% in the second quarter of 2012 versus the second quarter of 2011, and was up 6.9% versus the first quarter of 2012. The 10- and 20-City Composites posted respective annual returns of +0.1% and +0.5% in June 2012. Month-over-month, average home prices in the 20-City Composite were up 2.3% versus May.
"We seem to be witnessing exactly what we needed for a sustained recovery," said David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices, "monthly increases coupled with improving annual rates of change. The market may have finally turned around."
In this month's report all three composites and all 20 cities improved, both in June and through the entire second quarter of 2012, noted the report. All 20 cities and both monthly composites rose for the second consecutive month. It would have been a third consecutive month if home prices had not fallen in Detroit back in April.
"We are aware that we are in the middle of a seasonal buying period, but the combined positive news coming from both monthly and annual rates of change in home prices bode well for the housing market," concluded Blitzer.
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"We seem to be witnessing exactly what we needed for a sustained recovery," said David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices, "monthly increases coupled with improving annual rates of change. The market may have finally turned around."
In this month's report all three composites and all 20 cities improved, both in June and through the entire second quarter of 2012, noted the report. All 20 cities and both monthly composites rose for the second consecutive month. It would have been a third consecutive month if home prices had not fallen in Detroit back in April.
"We are aware that we are in the middle of a seasonal buying period, but the combined positive news coming from both monthly and annual rates of change in home prices bode well for the housing market," concluded Blitzer.
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