Posted on Tuesday, May 25, 2010
Numbers released today indicte that home prices year over year are up. But prices month over month are down (which means eventually year over year numbers will reflect this decrease as well).
The uptick in sales reflected by the home sales numbers a few days ago appear to have not translated to home prices. Maybe this is beacuase so many of those saleas involve distressed sales dragging prices down.
I still think the worst is behind us in terms of price drops (though there will still be more in some areas, property types and price ranges). So I'm not too worry about a huge double dip. But I do think we'll be bumping along this bottom for a long time and it may be 3 to 10 years before home values appreciate a whole lot.