Housing Stuck in Neutral

Housing prices fell again in March—but barely—stirring hopes that perhaps the market may finally be on the rebound. “We’ve turned the corner,” said Scott Brown, chief economist at Raymond James & Associates. “This was always going to be a very gradual process. No one expected a real sharp housing recovery.” 

Prices fell 0.03 percent in March, according to the S&P/Case-Shiller 20-city home-price index; adjusting for seasonal factors, prices have risen 0.09 percent. The National Association of Realtors reported last week that sales were up 3.4 percent from April. However, consumers are still exercising caution. A consumer-confidence survey released by a business-research firm shows that confidence in the housing market dropped to a four-month low of 64.9 in May. The Case-Shiller's index of the top ten metropolitan areas was down 2.8 percent from the year prior. 

 
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