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HERE’S AN INTERESTING SNIPPET regarding real estate prices from the ultra-conservative, “Chicken Little” media org, The Wall Street Journal. –JY

“In each of the last three years, home prices have increased in the spring and summer, when more people are buying homes, before giving back those gains and then some in the fall and winter, when activity can cool-off. But it is beginning to look like that might not happen this year. Home prices in July were up by 3.8% from one year ago, the largest year-over-year jump in six years. Sales volume was up, too. Moreover, prices have shot up by 9.6% from February, when they registered their lowest levels of the housing downturn, according to data released this week. The luxury end of the real estate market (homes sold over $2.5 million) is moving along, as well. This adds evidence to the case that U.S. home prices hit bottom earlier this year. Additionally, lower mortgage rates have dramatically increased the purchasing power of today’s home buyers when compared to one year ago. The bottom line: Don’t be surprised if the all-time low in home prices is in the rearview mirror.”

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