Home prices fall a record 15.6%

[OhioChick]

Source: CNNMoney.com

August 12, 2009: 11:52 AM ET

NEW YORK (CNNMoney.com) -- Median home prices fell a record 15.6% during the three months ended June 30, compared to the same period in 2008, according to an industry report.

There is good news though: The survey from the National Association of Realtors reported the median home price rose 4% compared to the first quarter of 2009 -- to $174,100 from $167,300.

The increase in median price was not a surprise, representing, as it did, the traditionally strong spring selling season. But the jump did offer the prospect that the worst of the price declines may be behind us.

"With low interest rates, lower home prices and a first-time buyer tax credit, we've been seeing healthy increases in home sales, which are a hopeful sign for the economy," said Lawrence Yun, NAR's chief economist..



Read more: http://money.cnn.com/2009/08/12/real_estate/record_home_price_fall/index.htm?postversion=2009081210

[Grinchie]

1. Oh boy, so thats the reason for todays Market Rally!

Woo Hoo, Green Shoots!

Healthy increases in houses selling at Rock Bottom prices as the people unwind out of an Unsustainable Mortgage! Yay!

Read this as, "Interests will soon rise, Lock in your Rates now!, Call Ditech today." Then you go back to looking for a Job.

[PSPS]

2. Leave it to CNN and the NAR to spin this nonsense.

Housing prices are still too high and will fall at least another 20%, probably more. While the meaningful statistics show year-over-year decline, the good old NAR (who is a big ad buyer in corporate media) chimes in with "but prices rose 4% from last quarter!!111!!1!" Never mind that prices ALWAYS go up as you go into the peak buying season every year, even in a declining market like we're in.

It's a pity that the sheeple who were motivated to buy after reading one of the previous monthly bullshit press releases from the NAR have now seen their down payment simply evaporate, leaving them with no equity at all.

[prostomulgus]

3. George Bush -- the gift that keeps on giving. n/t

[David__77]

4. The declines have to happen.

The prices were simply unsustainable.

[kirby]

5. Yep, this is needed...

The prices have to come back to reality. Anyone who wants the prices to return to where they were are hoping for the next bubble.