Thursday, August 13, 2009
Bouncing off the Bottom
August's Dog Days have been full of encouraging news from a variety of sources. From BankRate.com and USA Today:
Home prices rose across a large swath of the country during the second quarter, adding to the growing list of signs that the housing market has stabilized. Out of 155 markets included in the survey, 125 showed median price increases compared to the first quarter of this year.
Overall, the National Association of Realtors reports a nearly 4 percent rise in the median sales price for single family homes since the first quarter of the year, from $167,300 to $174,100.
In addition, several distressed markets are getting some much needed relief from the quarterly hammering they've been taking since the housing market peaked in the second quarter of 2006.
At the same time, 30 year mortgage rates are up for the third week in a row to 5.49%.