Finally, Some Good News About U.S. Housing Market

The most recent S&P/Case-Shiller Home Price index that was released today, provides long-awaited positive news about U.S housing market. Countrywide, home prices went up 3.6% in 2009. The last available data for second quarter of 2010 also show a substantial increase in home values at 4.4% over the first 3 months of 2010. That would be a very positive sign if not preceded by last week's spade of bad news about recent home sales and inventories. Most experts agree that July 2010 S&P/Case-Shiller Home Price index will reflect the negative effect of expiration of tax credit. The supply of unsold homes have been steadily rising since May. Nationwide, it would take 12 months to sell all listed homes - twice what is considered a normal inventory, balancing supply and demand.

June 2010 was also a very good month for the greater Chicago metropolitan region. Prices rose 2.5% compared to May 2010 level and Chicago was in the top 5 among cities that posted gains in June. Recent home sales in Arlington Heights are available at our website: http://www.Homes-ArlingtonHeights.com. Featured there are also current foreclosures in northwest suburbs of Chicago.