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Is Real Estate on the Road to Recovery?
(ETFguide.com) – U.S. home prices may be stabilizing according to latest figures reported by the Standard & Poor’s Case Shiller index. But before you uncork the champagne, it’s still too early to conclude “the worst is over.”
Home prices from the period of April to May rose or remained unchanged in 15 out of 20 cities. The Case Shiller index tracks the performance of home prices in 20 U.S. metropolitan areas.
While the housing market’s easing declines are a positive development, it would be a mistake to conclude we’ve reached a bottom based upon one-month of data. Look no further than the sagging prices in luxury real estate.
According to the July issue of Vanity Fair, the high end real estate market in the Hamptons have deteriorated so badly, a “25 percent off the asking price is where the haggling begins, not ends.” Real estate prices in the posh Hamptons have long been a benchmark of Wall Street’s health and right now things look grim.
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