Here’s a bit of good news for our friends south of the border. US home prices rose in August in half of the country’s major cities, signaling that prices are stabilizing in hard hit areas.

Released on Tuesday, the Standard and Poor’s/Case Schiller index showed that prices increased in August from July in ten of the twenty cities measured.
The biggest price increases occurred in Chicago, Detroit and Washington while the greatest declines happened in Atlanta and Los Angeles.
It’s not all roses though, this is what the Globe and Mail had to say about the findings of the report:

“Home prices have stabilized in coastal cities over the past six months, helped by a rush of spring buyers and investors. But this year, home prices in many cities, including Cleveland, Detroit, Las Vegas, Phoenix and Tampa, have reached their lowest points since the housing bust more than four years ago.”

Yikes! So as usual it seems to be a bit of good news along with a healthy dose of doom and gloom. Hang in there America!

Puzzled by all the talk of S and P this and Case-Schiller that? Here’s a quick summary of what the index measures:

“The S and P/Case-Shiller Home Price Indices are the leading measures for the US residential housing market, tracking changes in the value of residential real estate both nationally as well as in 20 metropolitan regions.”

And now you know!

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