According news released yesterday by the the Federal Housing Finance Agency (FHFA), "U.S. house prices rose 0.7 percent on a seasonally adjusted basis from October to November." In addition, for "the 12 months ending in November, U.S. house prices rose 0.5 percent. The U.S. index is 10.3 percent below its April 2007 peak."
In a news article released Monday, The National Association of Realtors (NAR) indicated that this Fall 2009 surge in home prices can be traced to "first-time buyers [who] rushed to complete sales before the original November deadline for the tax credit." NAR did go on to say that while December existing home sales did fall as first-time buyers rushed to get deals done by the end of November, "prices rose from December 2008 and annual sales improved in 2009."
Cautiously optimistic news, certainly.
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