Bad News Better in Real Estate
Things are so bad in the housing market that everyone was thrilled to learn yesterday that home prices only fell by 1.9% in April because in some cities - like San Francisco and Miami - prices actually rose. Robert Shiller of the Case/Shiller Index says if things keep improving at this pace, he might start to feel optimistic... in about 12 months.
People are out there looking for houses and thinking about buying houses... It's still at a relatively low level, but it's increasing...
A Bloomberg forecast of 28 economists had expected a drop of 2.5%.
Overall, the S&P/Case-Shiller index of property values in 20 cities dropped 1.9 percent in April from a year earlier, the smallest decline since November 2010, after decreasing 2.6 percent in the year ended March.