Today, November 27th 2012 Case-Shiller released its home price index results through September of 2012 and for the past eight straight months it has slowly but steadily increased.
Are we bouncing along the bottom or is the housing recovery in full swing? Of course it depends which housing market you are talking about but here on the Bay Area Peninsula we are definitely on the upward track.
Note that the market hit its low point in March of 2009. Much of the uptick since then was a normal part of any business cycle, but it appears that the government stimulus—the $8,000 tax credit for first time homebuyers may have helped buoy the market until more sustainable growth could take hold.
One can see that in each year, absent government intervention, the housing market index dropped between August and September—until this year—giving rise to the hope that this year may have marked the beginning of a true housing recovery, and not just another dead cat bounce.
If you are interested in what the Case-Shiller index is and the methodology they use you can find that on their web site here. Of course we also have the index in graph for on our web page at MorganHomes.com.
The information contained in this article is educational and intended for informational purposes only.
It does not constitute real estate, tax or legal advice, nor does it substitute for advice specific to your situation.
Always consult an appropriate professional familiar with your scenario.