2009 Home Prices Hit Bottom, Recovered a Bit

January 29, 2010

According to a year-in-review report from Standard and Poor’s Case Shiller index, the three-year slide in U.S. home prices looks to have hit bottom in 2009, but now shows signs of recovery.

Prices peaked in 2006 and plummeted 32 percent between 2000 and 2009. As of the beginning of 2009,  the national index of home prices returned to numbers close to fall 2003 levels after a 6.3 percent gain.

Prices are expected to remain flat on Oahu in 2010, or rise slightly. According to Standard & Poor’s chief economist, David Wyss, prices will slow around winter but still remain ahead of the lows of early 2009.

As of last week, thirty year fixed-rate mortgage rates fell below 5 percent after three weeks of long-term mortgage rate decline.

On another positive note, building permits went up in December, which was a good sign for home building.

A little bit of good news from many sectors is very nice to see. It’s also good to march into 2010 with a little confidence that things will continue to improve!

We recommend a look at new Maui property listings as well as our Maui real estate listings. Wailea golf vistas also include some great buys. If you have any questions or would like to contact us, you can call (866) 874-1942 toll free or Lisa’s cell at (808) 283-7426. You can also email [email protected] or [email protected].

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