Figures: The S & P CoreLogic Case-Shiller 20-City Index was unchanged in April compared to March on a seasonally-adjusted basis, and was 2.5% higher than a year ago. It was the 1
What happened: House prices continue to rise, but at a much slower pace. The cities with the strongest annual gains are still those in hot climates that were among the hardest hit by the housing crisis: Las Vegas, Tampa and Phoenix. But their price inflation rates are hardly the double-digit gains that Seattle, San Francisco and others have not had so long ago.
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Big picture: A lower pace of price gains should help attract buyers, especially those who have been frustrated by a competitive and expensive housing market. But at a certain point, buyers will be shy of pulling the trigger on the "top" of the market, if they think the prices are likely to start to fall.
Nevertheless, while the total 20-city data points to a decline, the individual figures are not bad. The slowest monthly rate of change was in New York, which was flat, while the slowest annual growth was in Seattle, also unchanged.
What th e says: Just last year, David Blitzer, who ran the index committee on the S&P Dow Jones indexes that compile and distributes the index, regrets the condition of the home. "Given the broader economic picture, housing should be improved," Blitzer said.
Many have changed since then, thanks mostly to unmanned geopolitics that can rush the end of the longest economic expansion on record.
"A combined decline in house prices and housing investment in the major economies could cut world growth to a 10-year low of 2.2% by 2020 – and below 2% if it also triggered a tightening of global credit conditions," economists at Oxford said. Economics in a Monday note. "Signs of a global decline in house prices are already visible, with about one-third of our range of falling-priced economies and world housing investment starting to decline. High house-price prices assume that this downturn will deepen in the coming quarters, and consumer spending. "
Market reaction: Interest rate on the reference US 10-year government bond
has fallen nearly 60 basis points since the beginning of the year, giving a boost to home hunters.
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