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RECENT POSTS» More Current DateTime: 03:15:39 01 Sep 2010LinksList Documentid: 23279692Expiration DateTime: 9/1/2010 3:18:52 AM
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REALTY CHECK VIDEO» MoreCurrent DateTime: 03:15:40 01 Sep 2010LinksList Documentid: 30871294Expiration DateTime: 9/1/2010 3:18:34 AMRealty Check 31 Aug 2010
CNBC's Diana Olick has the latest on home prices and other real estate headlines.
Realty Check 31 Aug 2010
The latest housing headlines, with CNBC's Diana Olick.
Home Prices Rise 31 Aug 2010
The latest Case Shiller Index beat expectations, showing a surprising surge in June, with CNBC's Diana Olick.
Realty Check: Another Home Buyer Credit 30 Aug 2010
HUD Secretary Shawn Donovan is not ruling out reviving the home buyer tax credit. CNBC's Diana Olick has more on this and other real estate headlines.
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CNBC's Diana Olick goes beyond the numbers to show a family that has not been given a loan modification and may end up being evicted from their home.
Realty Check 27 Aug 2010
The latest housing headlines, with CNBC's Diana Olick.
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setDefault('cnbc_textbody');Home Prices Have Further to Fall Published:
Tuesday, 31 Aug 2010 | 12:02 PM ET Text Size By: Diana OlickCNBC Real Estate ReporterDigg
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How is it that last week we were driving nails into the housing market's coffin, with negative report after negative report, and then suddenly today the stock market took a bounce on one new price report, and I'm hearing the word "bottom" over and over? This is the kind of news day that makes my head spin, and then, inevitably, as I endeavor to make sense of it all here on the blog, any number of you charge me with, in your kindest words, being overly negative.
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The S&P/Case-Shiller Indices show the U.S. National Home Price Index rose 4.4 percent in the second quarter of 2010, after having fallen 2.8 percent in the first quarter. Home prices are 3.6 percent above their year-earlier levels.
Okay, there's your quote.
Now for reality.
"Housing prices have rebounded from crisis lows, but other recent housing indicators point to more ominous signals as tax incentives have ended and foreclosures continue."
I can say "backward-looking, government stimulus-induced, seasonally aberrant" data until I'm a member of the blue man group, but I know there are those out there who still think this is great news. Even the folks at S&P/Case-Shiller warn us to look at the non-seasonally adjusted data because the current state of the economy has distorted all the seasonal factors. Month to month is also not worth it because of issues like the tax credit.
While some may see these price gains from the trough as a sign of bouncing along the bottom, most experts believe home prices nationally will fall again, but not necessarily immediately.
"We expect them to rise for another month or two, but then start to decline," says economist Patrick Newport at IHS Global Insight. "In our view, the housing glut and foreclosures will drive the national Case-Shiller index down another 6"“8 percent, with prices bottoming out in 2011."
RELATED LINKSCurrent DateTime: 02:42:13 01 Sep 2010LinksList Documentid: 38935491Poll - Do We Need A New Round of Housing Incentives?America's Double-Dip Real Estate Markets
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