HOUSING

Home Prices Rise 6.8 Percent in 2012

It's the biggest gain in six and a half years

Feb 26, 2013 by Lisa Fine

Staff Writer t

U.S. home prices in 2012 showed the biggest rise in six and a half years, according to a new report on 20 metropolitan areas across the nation.

Housing prices rose 6.8 percent in 2012 compared to the year before with price hikes in 19 of 20 major cities tracked, the Standard & Poor's/Case-Shiller home price index said. Only New York City prices fell by 0.5 percent, USA TODAY reports.

In the last quarter of 2012, home prices shot up 7.3 percent from the same period a year earlier, helping "cement the housing recovery," Stan Humphries, chief economist for Zillow, and online real estate marketplace, told USA TODAY.

The boost to the housing market recovery was due to various factors including record-low mortgage rates, fewer foreclosures and a shrinking inventory of homes for sale, along with a lower unemployment rate and improvements to the economy, the article said.

Via USA TODAY

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Comments (view in Forum)

Feb '13

Neo_NtheMatrix

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Here come the Pollyanna articles to convince us the economy is just fine (no pun intended).
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Feb '13

Neo_NtheMatrix

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Yes @PNWest, we know the stock market has improved, people still can't find jobs.
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Feb '13

PNWest

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@Neo_NtheMatrix Why thanks Neo. You know that's why I love you.(But not in a "don't ask, don't tell" kind of way)
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Feb '13

PNWest

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This is great news. It is evidence that the economy is improving. The stock market recovered first, housing is making a comeback - what's not to be happy about this?
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Feb '13

Neo_NtheMatrix

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@PNWest - This isn't built to last if people can't find jobs that allow them to take care of a home. The unemployment rate throughout the obama administration has been chronically stuck at 8% and above. This is not good news. Not even in the slightest.
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Feb '13

SmedleyButler

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@PNWest All a rouse. The fed is printing dollars to prop up the markets. There is still a shadow inventory of foreclosures. Why buy a house? Even if you buy it for cash, fall on hard times, the govt comes along to take it from you to give it to someone else, probably a rich non for profit. Home ownership is a lie. Buy a RV. Your job will probably move anyway.
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Feb '13

DerivePI

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Another way to look at it, "the value of the dollar has fallen 6.4%" - but I admire optimism.
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Feb '13

drpeeper

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Exactly. a 14000 DOW now, is worth about 8000 since the pumped up dollar/devaluation. But that's over the head of folks like PN.
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Feb '13

AceLuby

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Wouldn't the cost of all goods increase by that percentage then?
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Feb '13

DerivePI

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@AceLuby - yes
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Feb '13

AceLuby

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@DerivePI Hmm... guess I haven't seen that yet...
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Feb '13

Sonny

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This clearly shows that we are indeed on the right path to turning things around. And now is NOT the time to start screwing around with this success as the house Republicans want to do.
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Feb '13

Medicinebow

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Yeah, isn't all this success giving you that warm and fuzzy feeling? <sarcasm>
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Feb '13

Sonny

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@Medicinebow Don't need a "warm and fuzzy feeling"...Jut assurance that we are on the right track.
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Feb '13

SmedleyButler

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@Sonny So assurance from liars is what it takes, to put you on the right track?
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Feb '13

Sonny

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@SmedleyButler Who said that I agreed with your characterization of anyone being a "liar" Unless you are referring to the members of the Republican party...Other than those people I don't really see any liars here.
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Feb '13

DARSB

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The cognitive dissonance is strong in this one...
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Feb '13

Food4thoughts

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There you go again... making me use google to figure what the hell you're talking about :-/
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Feb '13

DARSB

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@Food4thoughts The chance to do a Darth Vader-pop psychology mashup was irresistible.
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Feb '13

Vance1

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well, the democrats did say at the time, "Nothing wrong with Fannie/Freddy"
I guess they were Oh so wrong hey!!!
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Feb '13

AlexMIA

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I've never thought this was real or any good. Before 2008, I wasn't convinced when my homes shot up from $200k-$500k either! Metropolitan areas, pfffft!
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Feb '13

vws

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Should be back up to the values of the 50's any day now.
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Feb '13

Denizen_Kate

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Artificial or not, I'm glad to hear it. I'm about to put my townhouse on the market and I need all the profit I can get.
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Feb '13

kyrebel

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The prices are going up but is anybody buying them.
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Feb '13

Keyjo

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I have mixed feelings. It shows a slight economic improvement. BUT, home prices are still to high. For renters, affordable housing in good areas is way, way too high and out if reach.
For those who wish to buy, the American dream far out of reach in terms of buying a house and the over inflated values leading to high property taxes.
Houses, rentals are at least 50% higher than they should be.
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Feb '13

Drake_Burrwood

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Just be glad this isn't England.. Not yet anyway.
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Feb '13

kramresim1

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come to Michigan rents and housing prices are very affordable.
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Feb '13

Keyjo

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@kramresim1
How's the surf?
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Feb '13

kramresim1

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@Keyjo actually a fair amount do surf in the great lakes. I used to surf in lake Michigan back in the "olden days".
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Feb '13

Keyjo

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@kramresim1
Really? Very cool.
I have been to Michigan once or twice.
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Feb '13

Tralee

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Great, only about 20% to go to get back to what our homes were worth before the bust.
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Feb '13

Hireman

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How much of this is due to the devaluation of US currency?
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Feb '13

ctc

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Hey let's kill this goose.....and let's do it by the end of the week.
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Feb '13

jessejaymes

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I've been hanging on from selling my house for our move to Costa Rica. I was wondering for a while if I would have to let it sit for a while until prices rebound but this is good news. About another 7-10% and I'm dumping.
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Feb '13

justapirate

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My realtor tells me that my home is worth about 20% less than when I bought it three years ago. I wonder if I should tell him he hasn't listened to the market. Nah, a PC feel good story I just ain't ready to buy.
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Feb '13

Chromalord

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yeah, and in ten years or so the bubble will burst again, leaving millions to suffer in our nations largest and legalized pyramid scheme.
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Feb '13

wonka45ACP

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That's not a significant figure, to use when you say the economy and people are doing
better, the foreclosers can be bought for unbelievable priceses, and investors are buying a hoard of properties, houses are being sold yes but a selected few with the cash are buying them, I can tell you that foreclosers are the way to go.
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Feb '13

Jamesa1019

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Like me, many people are scared to purchase a second home or their first. Reason being? Is it gonna be worth what it is now, 5 or 10 years down the road. That is the question. They say now is the time to buy, but why? Are we just buying cheap run down houses or is it because of all the failed mortgages and banks trying to get out of debt?
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May 14

Gatnos

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It just means that inflation, due to Obama's trillion dollar bail outs, is starting to set in.
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Does this make you more confident that the economy is improving?

Does this make you more confident that the economy is improving?