Housing Comeback Reported in America's Hardest-Hit Cities
August 29, 2012, 2pm PDT
The long-awaited recovery of America's housing market, after six years of decline, seems to be gaining traction, with the latest data indicating increasing prices in hard-hit cities like Miami, Atlanta, and Detroit.
Shaila Dewan reports on new data contained in the S.&P./Case-Shiller Home Price Index, which tracks prices nationally and in 20 major cities. In the most recent report, both measures showed improvement over the last year. "Though prices were still depressed in a few of
the cities compared with a year ago, every one of them showed price
gains from May to June."
"Home prices are still down almost a third from their peak in 2006," notes Dewan, "but
most recent reports are pointing to a slow recovery and increased
optimism that could encourage potential buyers to take the plunge."