Home Prices Fall Less than Expected in July as Foreclosure Investigations Continue
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Some good economic news Tuesday: home prices declined less than expected in July.
The Case-Shiller index fell 4.1 percent in the 12-months through July, compared to a revised 4.4 percent dip in June. After adjusting for seasonal changes, home prices changed little in July from June.
Economists were calling for a 4.4 percent dip.
Investigations into foreclosure practices may have helped to stabilize home prices from any further declines, though prices may again drop once foreclosure issues get ironed out.
Before adjustments, prices increased from 1.2 percent in June to 0.9 percent in July.
S&P Chairman David Blitzer commented, "This is still a seasonal period of stronger demand for houses, so monthly price increases are expected."
Gainers included Detroit at 1.2 percent, and Washington at 0.3 percent. The other 18 areas reported a decline.
The Case-Shiller index fell 4.1 percent in the 12-months through July, compared to a revised 4.4 percent dip in June. After adjusting for seasonal changes, home prices changed little in July from June.
Economists were calling for a 4.4 percent dip.
Investigations into foreclosure practices may have helped to stabilize home prices from any further declines, though prices may again drop once foreclosure issues get ironed out.
Before adjustments, prices increased from 1.2 percent in June to 0.9 percent in July.
S&P Chairman David Blitzer commented, "This is still a seasonal period of stronger demand for houses, so monthly price increases are expected."
Gainers included Detroit at 1.2 percent, and Washington at 0.3 percent. The other 18 areas reported a decline.
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