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Don't expect home prices to rise this year

A growing number of economists are less optimistic an annual gain is likely in 2010, or even 2011.

It looks like the waiting is far from over for sellers-to-be who have put their plans to sell their homes on hold until the market picks up.

• It's now up to home sellers to offer incentives

According to The Wall Street Journal, a growing number of economists aren't expecting home prices to increase this year, or even in 2011.

To read the rest of the story go toMSN Real Estate

 

Home prices UP? Or down?

Home prices in Minneapolis rose faster in June than in almost any other city in the nation.

The Standard & Poor's/Case-Shiller 20-city home price index released Tuesday showed that prices in Minneapolis, Detroit and Chicago rose by 2.5 percent, well ahead the one percent average increase between May and June.

The average increase was up 4.2 percent from a year ago, according to the index.

BUT .......

But prices are expected to fall through the rest of the year now that demand has faded.

Home prices nationally were up 4.8 percent in the second quarter compared with the first quarter. That was largely because buyers could take advantage of government tax credits of up to $8,000.

Home sales have dropped sharply since those incentives expired.

Read the rest of the story By BOB VON STERNBERG, Star Tribune