When is good news bad news?
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It's fairly safe now to say the housing price "crisis" has reached bottom and is on its way back up. That much is clear with today's release of the Case-Schiller Index, which measures the resale price of homes.
The Minneapolis area prices jumped 4.6% in July (3.1% on a seasonally-adjusted basis). That's the third straight month of increases. And it's the largest one-month increase since Minneapolis was added to the index in 1989.
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Half-empty: Home prices here are still 1.4% below what they were in January.
Half full: That's a lot better than being 9.6% below January, which was the situation last April.
Half full: How do we rank compared to other cities in July? At the top of the heap:
| City | Change June/ July |
| Minneapolis | 4.6% |
| San Francisco | 3.3% |
| Chicago | 2.7% |
| San Diego | 2.5% |
| Atlanta | 2.3% |
| Phoenix | 1.8% |
| Los Angeles | 1.8% |
| Washington | 1.8% |
| Denver | 1.5% |
| Cleveland | 1.5% |
| Tampa | 1.4% |
| Miami | 1.3% |
| Boston | 1.2% |
| Dallas | 1.2% |
| Detroit | 1.1% |
| Portland | 1.1% |
| New York | 0.8% |
| Charlotte | 0.6% |
| Seattle | -0.1% |
| Las Vegas | -1.1% |
Half-empty: How do we rank since the start of the year? Middle of the pack.
| City | Change Jan/Jul. |
| Dallas | 7.5% |
| Denver | 5.3% |
| Cleveland | 4.9% |
| San Francisco | 3.6% |
| Washington | 2.5% |
| Boston | 2.5% |
| San Diego | 1.8% |
| Atlanta | 0.6% |
| Charlotte | 0.3% |
| Minneapolis | -1.4% |
| Los Angeles | -1.6% |
| Chicago | -1.9% |
| Portland | -2.4% |
| Seattle | -3.2% |
| New York | -4.0% |
| Tampa | -4.3% |
| Miami | -7.4% |
| Phoenix | -8.9% |
| Detroit | -9.4% |
| Las Vegas | -15.6% |
The folks at the blog Calculated Risk have examined all of this and declared it bad news:
The debate continues - is the price increase because of the seasonal mix (distressed sales vs. non-distressed sales), the impact of the first-time home buyer frenzy on prices, and the slowdown in the foreclosure process (with a huge shadow inventory), or have prices actually bottomed? I think we will see further house price declines in many areas.
