The housing market seems only to get worse these days. Or is it actually improving? The current indicators are often confusing. Joseph Lazzaro of our sister site, DailyFinance.com, sorts through the contradictory housing data to explain what's really going on.The latest U.S. housing data contain both disappointing and encouraging news. First the bad news. The latest S&P/Case-Shiller Home Price Index for the top 20 and top 10 cities showed a near-universal decline in prices in the nation's major metropolitan areas, year over year. In November, the 20-city index fell 1.6%, and the 10-city index fell 0.4%, over November 2009.
The prices fell even compared to the previous month: From October to November, the 20-city index fell 1%, while the 10-city index declined 0.8%. Equally distressing, only one city -- San Diego -- in the 20-city index saw a gain from October. And it wasn't much: 0.1% -- hardly enough to warrant singing "California, Here I Come."
Cities that recorded large declines include Detroit, down 2.7%; Atlanta, 2.5%; Chicago, 2.2%; and Cleveland, 2%.
Read more at DailyFinance.com.
For more insight on mortgages and refinancing see these AOL Real Estate guides:
- Mortgage Jargon in Simple Terms
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How to Get a Low Mortgage Rate
- When to Refinance
- Four Ways to Benefit From a Cash-In Refinance
More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Get property tax help from our experts.
