In some cities the house prices reach their lowest ever since the house burst four years ago. People are still reluctant to buy houses even after the recession even though the mortgage rates are very low. At the same time people with enough credits are reluctant to buy houses too since they are afraid that the price will drop even more. Even though some house prices are increasing in certain city the overall sales are still low and it will be worst.
Tuesday, October 25, 2011
Home Prices Up in Half of Major U.S. Cities, Survey Shows
Im glad to read that house prices are increasing in certain cities but at the same time some cities are still struggling. This can be a good economic indicator that the economy is slowly recovering. House price increases in big cities such as Chicago, Washington, and Detroit.
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Although the house prices are rising they are still far below then they should be. In addition to this banks have not disclosed all of their foreclosures yet and when they do that, this increase in prices which could be due to confidence can be seriously damaged.
ReplyDeleteI found it interesting that the article announced that housing prices have risen in about 3 major cities and that is suppose to be the indicator of better times, while the rest of the article goes on to show that this isn't the end. I am leaning toward the side that this definitely isn't the end to drops in the housing market just because I think it is premature to assume that by housing prices of a few major cities are the signals to a recovering economy.
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