Biggest Home Price Rise Since 2006

Wednesday, February 27, 2013

Home prices closed out 2012 with the biggest annual gain in more than six years while sales of new homes spiked in January, the latest sign that the long-suffering housing market was on the mend, data showed on Tuesday. American consumers, meanwhile, grew more optimistic in February even as payroll taxes rose and about $85 billion worth of government spending cuts were due to take effect on March 1. "There's no doubt when you look at all the housing data that's come out, it certainly paints a picture of continued improvement in that market," said Anthony Chan, chief economist at Chase Private Client.

Posted by rcade at 02:15 PM | 21 COMMENTS | permalink | Comment on This Entry |

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rcade

Joined 2003/04/04
Visited 2013/05/23

Status: editor

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Obama's fault.

#1 | Posted by danni at 2013-02-27 02:25 PM | Reply | Flag:

As soon as I can get $700,000 for my house, I'm selling and buying a smaller place outright. In my area the prices are increasing at a dramatic pace.

#2 | Posted by moder8 at 2013-02-27 02:28 PM | Reply | Flag:

If property value increases were inflated pre '07/'08 due to fast and easy mortgages of the previous decade and those values post-bubble never actually went down to what they'd have been if they followed a more historic growth rate then any increases now are really nothing to celebrate.

#3 | Posted by Hagbard_Celine at 2013-02-27 02:33 PM | Reply | Flag:

Obama's fault.

How Quantitative Easing Helps the Rich and Soaks the Rest of Us

Quantitative easing -- a fancy term for the Federal Reserve buying securities from predefined financial institutions, such as their investments in federal debt or mortgages -- is fundamentally a regressive redistribution program that has been boosting wealth for those already engaged in the financial sector or those who already own homes, but passing little along to the rest of the economy. It is a primary driver of income inequality formed by crony capitalism. And it is hurting prospects for economic growth down the road by promoting malinvestments in the economy.

reason.com

Once again the laws of unintended consequences bites Democrats in the @$$

#4 | Posted by paneocon at 2013-02-27 02:33 PM | Reply | Flag:

"How Quantitative Easing Helps the Rich and Soaks the Rest of Us"

Yeah, we should switch to Austerity like Europe. Riiiight.

#5 | Posted by danni at 2013-02-27 02:52 PM | Reply | Flag:

Yeah, we should switch to Austerity like Europe. Riiiight.

Europe ignored the warning signs. Now they are reaping their rewards. It's a little late to turn the car around after you've run of the cliff. Standby for part 2, the American version.

#6 | Posted by Daniel at 2013-02-27 02:59 PM | Reply | Flag:

Somebody should arrest Bernake for conterfitting.

#7 | Posted by bogey1355 at 2013-02-27 03:02 PM | Reply | Flag:

" It's a little late to turn the car around after you've run of the cliff. Standby for part 2, the American version."

They needed to grow their economies not shrink them. You can't get out of a recession or a depression by cutting spending. They will just continue spriralling as their economies shrink.

#8 | Posted by danni at 2013-02-27 03:03 PM | Reply | Flag:

"Somebody should arrest Bernake for conterfitting."

Inflation rate is 2%. One of the lowest numbers in decades.

#9 | Posted by danni at 2013-02-27 03:03 PM | Reply | Flag:

At least in N.C., there is no reason prices should be rising. Actually, anywhere, there is no reason for prices to rise above 1% annually.

Rising prices isnt an improvement, depending on your prospective. I want prices to fall, as I will be in the market soon. And I dont plan on using my house as an ATM.

#10 | Posted by boaz at 2013-02-27 03:08 PM | Reply | Flag:

They needed to grow their economies not shrink them.

Yes, I agree.

You can't get out of a recession or a depression by cutting spending. They will just continue spriralling as their economies shrink.

Negative. The first step in recovering from a recession or depression is to stop spending more than your revenue generates. There are boom and bust cycles in every economy. You can't continue to spend during the low cycles like you can during the good times.

#11 | Posted by Daniel at 2013-02-27 03:12 PM | Reply | Flag:

#5 so you go on record supporting unlimited QE?

Seem to remember you bashing Greenspan for lowering rates and causing the credit crisis! I enjoy it when you contradict yourself on the drudge. Happens at least once w a day!

#12 | Posted by DavetheWave at 2013-02-27 04:36 PM | Reply | Flag:

Plus who is directly benefiting? Those greedy fat cat banksters you demanded.be nationalized? Will you explain: where you wrong then, or are you wrong now? Can't have it both ways, unless you are being disingenuous

#13 | Posted by DavetheWave at 2013-02-27 04:39 PM | Reply | Flag:

Suckers. Dead cat bounce. You'd have to be crazy to buy a new house now. Someone is going to profit from this temporary boomlet, and it's not going to be the buyers.

#14 | Posted by nullifidian at 2013-02-27 04:41 PM | Reply | Flag:

Seem to remember you bashing Greenspan

So, because a person did one thing that you were against, they cannot do anything ever in the future that you would agree with?

That is an awfully narrow dogma to live one's life by.

#15 | Posted by 726 at 2013-02-27 04:42 PM | Reply | Flag:

Ha that's just another cop out way of saying you are not accountable for what you said.

I would say that next to everything danni types I disagree with, and that she is highly irrational when her statements are strung together. One day she is for squatters trying to steal property thru eminent domain, the next she's demanding higher tax rates, then she's crying about her own taxes. She's anti fossil fuels, but she drives a BMW.

She proudly enunciated the "You can't drive" comments, and rips blue dog democrats, then pretends she wants compromise! What's there to agree with??

#16 | Posted by DavetheWave at 2013-02-27 05:24 PM | Reply | Flag:

#14 | Posted by nullifidian

NW flag..

I am in the market to buy a home in the next six months, but I think I am going to rent for the next year to clear out all this manipulation of housing prices. Especially where I am going to in N.C., there is no reason for housing prices to rise. Low wages, many forclosures and a tight credit market do not warrant me saving someone from their bad decisions...

#17 | Posted by boaz at 2013-02-27 07:07 PM | Reply | Flag:

So,

If someone is underwater in their mortagage say $200K to a $100K value, why should someone pay $200K for the house to save the homeowner? If the homeowner doesnt want to be in the position they are in, why would a buyer?

#18 | Posted by boaz at 2013-02-27 07:09 PM | Reply | Flag:

"American consumers, meanwhile, grew more optimistic in February even as payroll taxes rose and about $85 billion worth of government spending cuts were due to take effect on March 1."

And Obama is now opposing those budget cuts (after he agreed to them). So your point is Obama opposes consumer optimism?

#19 | Posted by Diablo at 2013-02-27 07:57 PM | Reply | Flag:

Home prices tracked household incomes for a hundred years, until Shrub was appointed. If you get a good offer, sell because the Fed, Treasury and Banks are doing everything they can to manipulate prices up. There are a few places where growth has increased demand, but they are the exception, not the rule.

#20 | Posted by nutcase at 2013-02-28 08:20 AM | Reply | Flag:

yay! Anyone want to buy my house now?

#21 | Posted by donnerboy at 2013-02-28 06:13 PM | Reply | Flag: