Fourth Month of Boost to U.S. Home Prices
For the fourth month in a row, home prices rose in U.S. cities this past July. Out of the 20 cities Standard and Poor track, 17 of them showed an improvement in home prices, including Chicago and Minneapolis. However, the housing market still remains depressed and is expected to decline in the coming months.
“This is a seasonal period of stronger demand for houses, so monthly increases are expected.” David M. Blitzer, chairman of Standard and Poor’s index committee was quoted.
Over the past 12 months, home prices in all but two cities decreased. The less than impressive housing market is the key reason to why the economy has struggled to recover after the recession. With high unemployment throughout the country, larger required down payments and tighter credits, buyers are prevented from entering the market and helping our economic situation.