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  1. #1
    Senior Member JohnDoe2's Avatar
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    Western cities lead home price recovery

    Western cities lead home price recovery


    The San Francisco skyline stands in the distance, across San Francisco Bay from Golden Gate National Recreation Area. The Bay Area housing market has been coming back strong. (Gina Ferazzi / Los Angeles Times / December 26, 2012)

    By Alejandro LazoDecember 26, 2012, 10:44 a.m.

    If you’re looking for the source of this year’s home price recovery, look West.

    Western cities are recovering strongly after being hit hardest during the real estate bust. The trend was confirmed Tuesday with the release of the Standard & Poor's/Case-Shiller index of 20 large cities. The index was down 0.1% in October from September but up 4.3% compared with October 2011.

    San Francisco and Phoenix have both rebounded from their most recent lows. The two cities are up 22.5% and 22.1%, respectively. The improvement in those two cities illustrates distinct real estate trends on the West Coast.

    The San Francisco example shows how coastal markets in California are rising sharply even as inland areas lag behind. The San Francisco metro area is one of the most desirable housing markets in the nation.

    The Bay Area’s economy, and the housing market there, have also been boosted by the strength of the technology industry.

    Phoenix, on the other hand, has recovered sharply as investors have poured into that market looking for homes to buy on the cheap, renovate and then either rent out or sell.

    Investors in the Phoenix area made about 37.2% of all home purchases last month, according to research firm DataQuick, that number has declined as buyers intending to find a place to live have been lured back to the market. The peak for absentee-buyer purchases in the Phoenix area was March of last year, with investors snapping up 47.1% of all homes that month.

    According to the Case-Shiller data released Wednesday, prices in the Los Angeles metro area are up 10.5% from their bottom and up 12.2% in San Diego.

    In terms of month-over-month gains, Las Vegas posted the strongest increase up 2.8% in October over September. That city also hit an important benchmark in October, rising above its January 2000 index level for the first time in 22 months.

    Of all the cities, Chicago was the weakest with prices dropping 1.5% month over month, while Boston was a close second, falling 1.4%.

    http://www.latimes.com/business/money/la-fi-mo-western-cities-20121226,0,6258195.story
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  2. #2
    Senior Member JohnDoe2's Avatar
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    San Diego a top market for steady home price gains


    Photo by Charlie Neuman/ U-T San Diego staff.

    Written by Lily Leung

    10:01 a.m., Dec. 26, 2012
    Updated 1:56 p.m.
    Also see »



    Top U.S. markets

    1) Phoenix, 13 months
    2) San Diego, 9 months
    3) Las Vegas, 8 months
    4) Los Angeles, 8 months
    5) San Francisco, 8 months
    6) Denver, 7 months
    7) Detroit, 6 months
    Ranked by most consecutive months of home-price increases.
    Source: S&P/Case-Shiller Home Price Index


    Home prices in San Diego County have risen nine straight months, ranking the local market second nationally for most consecutive months of price increases in 2012, said a leading housing report released Wednesday.

    Phoenix, where prices rose 13 straight months and foreclosures have waned, beat out San Diego for the top spot, based on data from the S&P/Case-Shiller Home Price Index, which tracks 20 major areas in the country.

    "Phoenix went through a real difficult time where their values really, really went down, but it's certainly been rebounding" said Donna Sanfilippo, president of the San Diego Association of Realtors. "San Diego, being a steadier market, placing No. 2 in rebounding shows that we're leading our area after what has been a couple of rough years."

    San Diego home prices rose 1.3 percent from September to October, marking the ninth straight month of increases, based on the report, which has a two-month lag. When comparing October to the same time last year, prices went up 6 percent, the biggest year-over-year increase for an October in seven years.

    Phoenix and Detroit saw the largest year-over-year jumps in home prices in October, 21.7 percent and 10 percent, respectively.

    David M. Blitzer, who chairs the index committee at S&P Dow Jones Indices, said we're continuing to see encouraging signs in the housing market, especially in certain parts of the nation.

    “Looking over this report, and considering other data on housing starts and sales, it is clear that the housing recovery is gathering strength," Blitzer said.

    "Higher year-over-year price gains plus strong performances in the southwest and California, regions that suffered during the housing bust, confirm that housing is now contributing to the economy," Blitzer added. "Last week’s final revision to third quarter GDP growth showed that housing represented 10% of the growth while accounting for less than 3% of GDP."

    The report showed areas like Detroit, among the worst price performers in 2011, saw the biggest price rebound this year from its recession-time trough, at 24 percent. San Diego prices have risen about 12 percent since its lowest point, recorded in April 2009, Case-Shiller numbers show.

    Twelve of the 20 areas in the index saw price drops from September to October but that's expected, Blitzer said, because historically prices tend to fall during the autumn. On a year-ago basis, only two of the 20 cities posted a price drop.

    Email me
    : lily.leung@utsandiego.com

    http://www.utsandiego.com/news/2012/dec/26/case-shiller-october-2012/
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