Housing Recovery May Not Come Until 2020
NEW YORK (MainStreet) -- It really is a tale of two trends when it comes to the U.S. housing market.
Over the short term, things are looking a bit better: According to the Standard & Poor's Case-Schiller Home Price Index, the housing market has shown four straight months of home value growth, with S&P's 10-city and 20-city indices, both up 0.9% in July. The Case-Schiller reading, taken Sept. 27, shows that even sluggish markets such as Detroit and Minneapolis showed improvement on a month-to-month basis.
|Analysts see a long road to recovery for U.S. housing, lasting until 2020, and that's the optimistic view.|
"With July's data we are seeing not only anticipated monthly increases, but some fairly broad improvement in the annual rates of change in home prices," David Blitzer, chairman of the index committee at S&P Indices, said in an official statement. "While we have now seen four consecutive months of generally increasing prices, we do know that we are still far from a sustained recovery."
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