Housing Market on the Upswing

After falling back to 2003 levels, it looks like the housing market is on the upswing, led by low mortgage rates and the first time homebuyer credit. Data from the S&P Case Shiller index show that the level of decline has leveled off and prices have even increased in some cities.

The chart above depicts the annual returns of the 10-City and 20-City Composite Home Price Indices, declining 10.6% and 11.3%, respectively, in August compared to the same month last year. Nineteen of the 20 metro areas and both Composites showed an improvement in the annual rates of decline with August’s readings compared to July. Cleveland was the only exception.

So, if you're thinking of buying a home, now may be a good time.