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Tuesday, January 29, 2013

Housing Prices Soar

An article in the New York Times reports that housing prices have posted their greatest rebound since 2008. house prices in Las Vegas, Nevada; Phoenix , Arizona and other such cities hard hit during the housing down turn which began in 2008 posted some of the strongest gains. Even those whose houses are ' underwater" (meaning they owed more on their homes than what they were worth) are beginning to finally see some light at the end of the tunnel having seen their home prices begin to creep up. Surprisingly, home prices have actually fallen in New York City. Unknown, in my opinion is whether this phenomenon is due somehow to the destruction caused by last fall's Superstorm Sandy or a correction from the "sky's the limit" NYC prices over the past few years.
It will be interesting to see how Republicans spin this story. Will they attempt to dispel the recent housing rise through some faith based babel of BS; claim credit for it or again point to shenanigans of the Obama loving main stream media.   Only time will tell