For the first time in two years, home values have actually increased:
NEW YORK – A closely watched index shows home prices posted their first quarterly increase in three years, signaling the housing market has turned a corner.
The Standard & Poor’s/Case-Shiller’s U.S. National Home Price Index released Tuesday rose nearly 3 percent from the first quarter, though was still down almost 15 percent from the second quarter last year.
Home prices are at levels not seen since early 2003. Prices have fallen 30 percent from the peak in the second quarter of 2006.
Is this the first step in a turnaround, or just a temporary uptick ?
At this point, it’s way too early to tell but I’ll take whatever good news I can get.