Los Angeles, CA (PRWEB) September 01, 2012
Mr. Nergarden issued some observations about rise in home prices across the board in the twenty largest U.S. cities today, and his opinion is that this will help home sellers due to the fact that this news indicates that the housing slump is ending and that anyone willing to use a real estate advertising service for selling a house will be able to find buyers.
The Los Angeles Times reports on the numbers released by the Standard & Poor’s/Case-Schiller Index for June that saw an increase in real estate prices from the previous month in each of the nation’s twenty largest cities. This is widely understood to be a sign of an improving housing market, but experts temper this optimism with the understanding that the economy is still shaky and there is low consumer confidence, which may still cause prices to drop and rise erratically over the next few years. In some cities, such as Los Angeles, San Diego, and Las Vegas, the prices are still lower than they were a few years ago, although the current trend is upward.
The Standard & Poor’s/Case Schiller Index is published on a monthly basis, but is delayed by two months so that the June 2012 index was released in August. It is calculated with a three month average and covers national prices and changes in those prices along with the changes in prices for the twenty largest cities in the United States.
Los Angeles sees some of the highest housing prices in the United States and is the second biggest city by population in the country. It has a widely diverse population and a very large metropolitan area. This metropolitan area is also one of the strongest economic centers in the world and is home to many different businesses and industries. It is the home of the United States film industry, centered in Hollywood.
San Diego is the second largest city in California, after Los Angeles and is the center of a large metropolitan area. Because San Diego has a mild climate and many beaches, it is a popular vacation spot and also a place where many people choose to live. Because there are several military bases in the area, the local economy is tied into military spending and the city tends to be conservative politically.
Las Vegas was booming before the 2007 housing crisis started and since then has been struggling in terms of unemployment and other economic factors. Property values in Las Vegas dropped considerably after the financial crisis and many homeowners found themselves underwater, leading to many foreclosures and other distressed properties being put on the market.
Real Estate Marketing Insider today commented on the recent data showing a solid rise in real estate properties in the twenty largest U.S. cities, which many take as a sign of housing recovery.
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