Home prices rise in 17 cities in June
The relevant snippet from the article is as follows:
"The Standard & Poor's/Case-Shiller 20-city home price index released Tuesday posted a 1 percent increase in June from May and was up 4.2 percent from a year ago."
Someone might ask, "So, out of the thousands of cities across America, prices rose in 17 cities?" Well, the Case-Shiller 20-city home price index only tracks 20 major cities. If you look at the national data, prices were up 4.4% from April to June 2010 thanks to the $8,000 government tax credit which has expired. Without the tax credit subsidy, prices are expected to trend downwards in the next few months. As I've mentioned earlier, the turn is coming but it won't be a V-shaped rebound. It'll look more like a hockey stick with the stick portion tilted slightly upwards.
I thought the following snippet from the article was amusing:
"Pam Geller and her husband have been trying to sell their two-bedroom condominium in Los Angeles so they can buy a house. It remains unsold after more than two months on the market, even after the couple lowered the price to $359,000 from $399,000.
They're close to completing the purchase of their next home. But the deal will collapse unless they find a buyer in two weeks. Geller said she's unwilling to slash the price further.
With home prices likely to fall, Geller wonders if it might be better to wait to buy another home. "What I see is houses still dropping" in value, she said."
I'm of the belief that writers for the AP make up people like Pam Geller out of thin air to support a supposition or a point in their articles. How was Pam Geller contacted? Were any of her quotes edited by the writer? Why would she be buying a home when she sees "houses still dropping?" None of it makes sense and I'm going to call B.S. on the existence of Pam Geller.
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