According to S&P/Case-Shiller index, home prices are up by 3.6% in the third quarter of this year. The is the biggest percentage gain in more than two years. And it is more than three times higher than the previous quarter. That being the largest increase since 2Q/2010.
Economist are optimistic and believe the signs point to a sustained upward trend in housing prices in the coming years. Supporting this rebound is a combination of a five year low decrease in the number of foreclosures and the historical low mortgage rates.
David Blitzer, chairman of the index committee at S&P Dow Jones Indices comments that, "With six months of consistently rising home prices, it is safe to say that we are now in the midst of a recovery in the housing market".
We are now seeing home prices back at 2003 levels, pre-bubble inflated values that ensued over the following three years. Fall, typically a slow real estate market, has many Realtors busier than even summer months. Wise watchers of the market realize we have hit the bottom and are on our way upward.