Home Prices Climb, San Antonio Houses Fall
Both home prices and consumer confidence are on the rise according to a S&P/Case-Shiller study. November saw a 0.2% gain in the study's home price index. Sounds small, but it's the highest we've seen in a year. According to the Bloomberg report:
"Home values since May have regained about a 10th of the record 32 percent plunge over the past three years, showing the industry that precipitated the worst economic slump since the 1930s has much ground to make up. A 10 percent jobless rate means Americans will be slow to regain the comfort needed to restore spending to levels seen during the last expansion."
Which leads to the conclusion that we've seen the bottom of the pit whose nadir was uncertain.
That's a positive picture of the overall real estate market. In more regional news, no amount of consumer confidence or home price gains will make the residents of a San Antonio housing development feel better about their purchases.
About 80 homes were evacuated on Monday because of collapsing hillsides. The day before, the earth moved at a rate of 4 inches an hour. Some lots saw fissures 15 feet deep, which crushed fences, tore apart backyards, and exposed foundations. Fortunately, no one has been injured so far.
Preliminary reports from engineers say that cause was most likely due to a faulty 1,000 foot long retaining wall, one that the builder constructed without a permit.
Interestingly, the AP report states the neighborhood as "upper middle class" with homes selling for $250,000. $250,000? It's all relative. For that price, studio and one bedroom condominium owners across Los Angeles can now consider themselves upper middle class.
Source: Bloomberg.com and Yahoo.com
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"Home values since May have regained about a 10th of the record 32 percent plunge over the past three years, showing the industry that precipitated the worst economic slump since the 1930s has much ground to make up. A 10 percent jobless rate means Americans will be slow to regain the comfort needed to restore spending to levels seen during the last expansion."
Which leads to the conclusion that we've seen the bottom of the pit whose nadir was uncertain.
That's a positive picture of the overall real estate market. In more regional news, no amount of consumer confidence or home price gains will make the residents of a San Antonio housing development feel better about their purchases.
About 80 homes were evacuated on Monday because of collapsing hillsides. The day before, the earth moved at a rate of 4 inches an hour. Some lots saw fissures 15 feet deep, which crushed fences, tore apart backyards, and exposed foundations. Fortunately, no one has been injured so far.
Preliminary reports from engineers say that cause was most likely due to a faulty 1,000 foot long retaining wall, one that the builder constructed without a permit.
Interestingly, the AP report states the neighborhood as "upper middle class" with homes selling for $250,000. $250,000? It's all relative. For that price, studio and one bedroom condominium owners across Los Angeles can now consider themselves upper middle class.
Source: Bloomberg.com and Yahoo.com
♦Digg it ♦del.icio.us ♦Add to Technorati Faves
posted by Myra Nourmand at
6:04 PM
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