The S&P Case Shiller Index numbers released on July 28 reveals improvement in the housing market. The numbers show price increases in the past month. Prices are still down by 17% from last year, but the numbers have been improving for the past 4 consecutive months. New home sales have improved and have increased by 11% in June.
The most improvement is in the lower price ranges and that means both the foreclosure and tax credit are affecting this market. One thing for sure investors and first time home buyers are coming back into the market.
The Case Shiller Index is indicating that prices have turned in the other direction but it doesn’t take into the account how foreclosures and the tax credit is affecting the market.
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