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US home prices in rising trend for six months [ClearOnMoney]
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US home prices in rising trend for six months

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Commentary

US home prices in rising trend for six months

25 Sep 2012 by Jim Fickett.

Home inventory data through August (Inventory of existing US homes), and house price data through July, are now available. Inventory seems to have stabilized:

This is good news – it was unclear six months ago whether foreclosures would ramp up again. Although the backlog remains large, it seems that it is coming onto the market in a manner that promotes reasonable stability rather than an over-reaction towards overly cheap prices.

Prices have risen in each of the last six months. That is long enough to suggest that, barring major changes, prices are unlikely to experience further major falls.

I will give this much credit to Fed policy: by making mortgage financing extraordinarily attractive, they have helped to stabilize the housing market and, so far, without blowing bubbles (at least in that market). I have to admit I'm tempted to buy a house myself.

The stocks of the major home builders have experienced a major run-up. This is way overdone (see Forbes today). While a soft landing has probably been achieved, a new housing boom, or even a full recovery, remains far off.