Dennis Norman
This morning S&P/Case-Shiller Index report for May was released showing that the annual growth rates in 15 of the 20 Metro Area’s their reports cover improved in May compared to April 2010. The 10-city composite is up 5.4 percent from the year before and the 20-city composite is up 4.6 percent from the year before.
However, in spite of this positive news, David Blitzer, Chairman of the Standard & Poor’s Index Committee continues expressing his caution about the market in his comment “while May’s report on its own looks somewhat positive, a broader look at home price levels over the past year still do not indicate that the housing market is in any form of sustained recovery.” Blitzer goes on to point out that “since reaching its recent trough in April, 2009, the housing market has really only stabilized at this lower level.”
Source: Standard & Poor's and Fiserv
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