While the Case-Shiller index reported that July home price gains exceeded expectations, the news may not be cause for celebration. The just-released numbers reflect the spring surge in home sales that resulted from the Housing Tax Credit.
Following the expiration of the tax credit, more recent sales have been abysmal. What we need to see are the numbers from the current period, which, unfortunately, won't be published until the end of October. Until then, we should save the champagne and hope for better news to come; however, I plan to keep my champagne on ice until I see a believable trend--not something I expect in the short term.
See Calculated Risk Blog for more info.
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