‘Glimmer of hope’ in housing

U.S. home prices were largely flat in August from a month earlier and down almost 4 percent from a year ago, with more declines ahead, economists say.
The Standard & Poor’s Case-Shiller home price data, released Tuesday, showed non-seasonally adjusted prices dipping in 10 of 20 major metropolitan areas in August from July.
Yet there was a “modest glimmer of hope” in that year-over-year results in 16 of 20 cities were better than they had been in recent months, says David Blitzer, chairman of the S&P index committee.
Case-Shiller’s 20-city index showed prices down 3.8 percent in August from a year ago, while the 10-city index posted a 3.5 percent decline. August prices were flat with July in the 20-city index when adjusted for seasonal factors and down 0.2 percent when not adjusted.
The market is battling high unemployment, rampant foreclosures in some areas, weak consumer confidence and tight lending standards.


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