Home prices decline during third quarter
Dec 5 2011 4:24PM
Home prices decline during third quarter
A new report indicates that home prices fell again during the third quarter, and only show a slight improvement from the second quarter, while they are also down from last year.
The Standard & Poor's/Case-Shiller Home Price Index reports that home prices rose .01 percent from the month of August but are still down 3.9 percent compared to this time last year.
The index reports that cities including Las Vegas, Atlanta, Phoenix and Los Angeles recorded lower annual declines in September when compared to August. Seventeen of 20 cities were also down by 3.6 percent or more compared to the previous year.
Despite the negative fall, Detroit, Michigan, and Washington, D.C., posted positive rates of change. New York, Portland and Washington, D.C., were the only cities that saw a greater monthly return in September over August.
Fourteen cities did see improvements when compared to a report from August, which has sparked some optimism in potential home owners.
A spokesman for the company stated the decline in prices coming to an end is a good sign, but believe it will take more than low mortgage rates and prices for the housing market to become stable again.
