May 30, 2012
WSJ and friends: Prices at or near bottom
30 May 2012
Posted by Andrew Kantor
We’re gonna keep saying it: The market is turning around, and more and more people are realizing (or admitting) it.
The Wall Street Journal’s Robbie Whelan writes about the recent Case-Shiller numbers in a piece titled, “Behind the Numbers: Does Case-Shiller Show a Market Bottoming Out?” (We wrote about that report as well, pointing out that despite headlines, it’s really good news.)
Tuesday’s S&P/Case-Shiller home-price indexes show a market in which U.S. home prices are still falling, but not as dramatically as in previous months. This is good news for homeowners and home sellers since it indicates that the market is bottoming out. It’s also a sign that the housing downturn, now in its fifth year, may be approaching the end.
It then proceeds to quote five economists and other such experts who tend to agree.
“The housing market is turning around,” writes one. “The big decline in house prices is now over, although prices could see small drops in the near term.”
“Are home prices still looking for a bottom?” ask two others. Their answer echoes our comment here yesterday: “It depends in where you are. Housing prices are still mainly driven by local forces such as job growth and the neighborhood foreclosure rate.”
There’s much more, and Whelan’s post is a good read. So go do just that.