Home values in 20 U.S. cities climbed in July by the most in almost four years, helping shoot the record push in household wealth that’s depressed spending.

A group disclosed in New York today that it is the biggest gain since October 2005 as the S&P/Case-Shiller home-price index rose 1.2 percent. Another report showed consumer confidence unexpectedly fell in September, while holding above the record low reached earlier this year.

Home values are jumping back as low borrowing costs and government tax credits lift home sales. Combined with rising stock prices, the gains will begin to restore the $13 trillion plunge in net worth caused by the worst financial crisis since the Great Depression, a process that economists such as Brian Bethune say will take years to complete.

Bethune, the chief financial economist at IHS Global Insight in Lexington, Massachusetts said that “the home prices are a major, major turning point for the economy; we are eating away at the problem of household balance sheets.”

The New York-based Conference Board’s consumer confidence index fell to 53.1 in September from 54.5 the prior month, the private research group said today, amid growing concern over the lack of jobs… Read More

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In the US the housing sector is recovering quickly after the economical destabilization which is a very positive sign for housing industry.US home prices have posted their first quarterly increase in three years after rising for a second month in a row in June. Now figures are showing a good and smooth positive change in the housing sector in the US. The unstable economy has put burden on the housing sector which was declining due to the economical destabilization, the chief economist Steven wood said in an interview at Insight Economics in California “The recession appears to be over, with consumer attitudes lagging behind broad economic developments”. According to the housing index of the Standard & Poor’s/Case-Shiller shows that the prices of US single family homes rose by 1.4 per cent in June from May, after creeping up by 0.5 per cent in April, suggesting the crippling housing slump was easing. While the Case-Shiller 10- and 20-city indexes have plunged by 54.3 per cent and 45.3 per cent, respectively, from their 2006 peaks, June’s improvement was broad based, with 18 of 20 metropolitan areas logging gains for the month.

So, the housing slump is seems to be almost over and these positive changes were brought by the continues efforts of the President Barak Obama and his administration and we are hoping a very quick and positive recovery .These changes will make the US again stronger and healthier financially and the economically.

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Obama administration efforts to revive housing include an $8,000 federal tax credit for first-time buyers who complete the transaction before Dec. 1, 2009. The government is now trying the best to regain the economical boost. So, for that the US government is offering lenders some incentives to modify the terms of delinquent mortgages, and the Federal Reserve is buying mortgage-backed securities to help reduce borrowing costs. All these steps are going to stable the US home and mortgage industry according to the national association  of home builder’s  Wells Fargo index are showing a record home sales in the second quarter of this month which is showing of nearly 72.3 percent of homes sold out. This 72.3 percent of homes sold to the families with the national median income of $64,000 a year.

Homeowners fall behind on their mortgage payments when they lose their jobs, and declining prices mean they can’t sell to pay off loans, the median U.S. home price fell 16 percent in the second quarter from a year earlier, the steepest drop on record, according to the National Association of Realtors. These rapidly change in home’s prices is creating a positive change in the US mortgage. This is a very positive change and this will help the home sale’s go higher and can play a major role of lifting up the US economy and people will be able to purchase their own homes!

Watch the video “California’s median home price down 40%”

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Median home prices fell down to a record of 15.6% during the three months ended June 30, compared to the same period in 2008, according to an industry report. The National Association of Realtors said on Wednesday that home prices continue to drop in more than 80 percent of urban areas in a recent survey.  The NAR said, the median price of an existing single-family home dropped to $174,100 or 15.6 percent, the most in records dating to 1979. However, the good thing in the survey reported by Association that median home price rose 4% compared to the first quarter of 2009 — to $174,100 from $167,300.

The increased median price is not so surprising because it was the seasonal selling time which resulted in higher value. The major aspect which is certain behind the declined prices exceptional to this season selling is the worst economy decline. Lawrence Yun said, “With low interest rates, lower home prices and a first-time buyer tax credit, we’ve been seeing healthy increases in home sales, which are a hopeful sign for the economy”.  This economy down fall not only affected a single area but its impact was wider and remained in widening its impact so far. However, the some of the decline can be traced to an increase in the percentage of foreclosures and short sales. They accounted for 36% of all transactions during the quarter…read more.

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