Smashing Estate

For the first time, second-quarter home prices went up in three years. The raised is generating hope that the struggling housing industry may be on the way to a recovery. According to Standard & Poor’s/Case Shiller’s national home price index, it increased approximately 3% to 133 in the 2nd quarter, compared to the 1st quarter. However, it keeps 15% lower than second-quarter of last year. On the other hand, National home prices are declined around 30% from their highest in 2003.

The 20-city index raised 1.4% in June against May. Home prices went up in 18 in 20 markets, and only Detroit and Las Vegas got lower prices from May. However, Sacramento is not part of this index. In spite of t better than estimated report, the 20 cities are lower than one year ago.