Positive news from S&P/Case-Shiller Housing Pricing Index

I  received refreshing housing news  from S&P/Case-Shiller this morning. 

I don't know why but the mere mention of that name connotes 'complicated stuff', but don't fret friends it's just a neat housing health checker for the nation.  It tracks the national housing market through the eyes of the top twenty cities in the country (Las Vegas, L.A, Florida etc):

"Data out Tuesday offered some hope that the two-year housing slump is coming to an end."

It goes on to say that more people bought new homes in July than in June (2.4% more) and the number of unsold new homes fell 5.2%, the biggest drop since 1963.  But they also mentioned that "it will still take 10.1 months to clear the inventory of homes" if we base it from the current sales trend.

I welcome good news from the real estate market like how my children greets me coming home from work. I love it.  But I also have to remind myself that I have to give my kids equal individual attention.

I can't cherry pick the market.  If I welcome the good I also need to be wise enough to accept the not-so-good. 

"We may be starting to find a bottom. I'm not convinced of that completely yet but we may be getting close to it," said Nigel Gault, chief U.S. economist at Global Insight.

That's what I feel now.  Hopefully the market will go consistently in this positive direction. 

Here's the rest of the article: On The Home Front (investor's business daily)

You can find the S&P raw housing numbers here