RateAPY

Have Home Prices Bottomed Out?

Posted by: RateAPY Bank Rates News
September 15th, 2009

Following a three-year decline, home prices are finally creeping up, according to the latest from the S&P/Case-Shiller Home Price Index, which tracks residential real estate values. Data released last month showed home prices rose in June over May in 18 of the 20 largest U.S. cities, and the U.S National Composite Home Price Index rose in the second quarter over the first quarter of this year–the first quarter-to-quarter increase in three years. You can still find plenty of bargains, though. The average price in the 20 cities was down more than 15% from a year ago, and the national average home price was about 30% down from the peak in 2006. Now prices are about what they were in early 2003. And while home prices are low, mortgage rates are even lower–near historical lows, in fact.