Home prices sag
29.10.2010 00:00
Home prices sag in August
By Les Christie, staff writerOctober 26, 2010: 10:23 AM ETNEW YORK (CNNMoney.com) -- Housing markets remained sluggish in August.
Home prices fell 0.2% from July after five consecutive months of gains, according to the S&P/Case-Shiller composite index of 20 metro areas. However, prices rose a modest 1.7% compared with a year earlier, the housing group reported Tuesday.
It was, said David Blitzer, spokesman, "a disappointing report ... indicating that the housing market continues to bounce along the recent lows."
The year-over-year rise fell short of expert expectations as put together by Briefing.com, who predicted a 2% year-over-year rise.
One city that bucked the trend was Las Vegas, where prices inched up 0.1% month-over-month. However, it continued to be the worst performer compared to last year, with prices down 4.5%. Prices in Sin City are down 57% from their peak, which was reached in August, 2006.
Detroit scored the best monthly gain, up 0.5%; San Francisco was up 7.8% year-over-year, the most of any city.
Dallas had the worst month of any of the 20 metro areas: Prices fell 1.1% there.
#cnnfb_connect {background-color:#f5f5f5;width:auto;height:auto;padding:10px;clear:both;} First Published: October 26, 2010: 9:04 AM ETRight Now
Tam Doan signed thousands of foreclosure documents at Bank of America, but he said, "I had no idea what I was signing." College costs continue to rise across the board, but tuition and fees are climbing at a faster pace at public schools than at private universities. Government hopes a new round of asset purchases will breathe life into the economy, but some experts warn it may translate into higher consumer prices.
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 4.30% | 4.24% | |
| 15 yr fixed | 3.68% | 3.63% | |
| 5/1 ARM | 3.35% | 3.17% | |
| 30 yr refi | 4.31% | 4.25% | |
| 15 yr refi | 3.70% | 3.63% |
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| Markets | Last | Change | % Change |
|---|---|---|---|
| 11,113.61 | -12.67 | -0.11% | |
| 2,508.65 | 5.39 | 0.22% | |
| 1,184.04 | 1.59 | 0.13% | |
| 2.66 | -0.05 | -1.88% | |
| 1.39 | 0.02 | 1.15% |
| Company | Price | Change | % Change |
|---|---|---|---|
| 4.17 | 0.00 | 0.00% | |
| 11.52 | -0.02 | -0.17% | |
| 31.70 | -2.72 | -7.90% | |
| 8.17 | 0.08 | 0.99% | |
| 4.21 | -0.09 | -2.09% |
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