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Sluggish growth rates despite upward swing of home prices



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By : Rudson Tren    99 or more times read
5 months in a row the home prices went up, but the rate of growth has definitely gone down. In July the prices went up by 0.6% compared to the previous month readings. However, when compared to the hike in the same month last year, the prices rose by 3.2%. The forecast was however for 3.3% (year over year gain) hike. The 10 city index of S&P gained 4.1% during the period. These records are quite weak and they reveal that the housing market is still in a problem situation.

Reports show that the sales for both the existing and the new homes are way below the standards which were set when the housing market was blooming in the past. The sales of new houses are at rock bottom level. They are running at near lowest or lowest levels to be recorded ever. If people expect the prices reach as high as what was there in 2005-2006, they will simply be disappointed.

20 cities recorded gain in prices compared to the readings of year 2009. San Francisco leads the crusade with 11.2% hike in prices, followed by several other states where the hike was marginally or quite low as compared to San Francisco. However, hike is a hike and this will definitely mean that the Real Estate market is paving its way to a somewhat stable situation. The only state which went the opposite direction was Las Vegas, which registered a downfall in the prices in the month of July. The Real Estate prices went down by 0.8% in the state compared to the month of June. Compared to last year July, the prices were down by 4.9%. Compared to the peak price of August 2006, the prices were actually low by 57%! The sluggish growth is because that market is still full of foreclosed properties which will have to be sold out first.
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