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U.S. home prices posted a 0.8 percent gain in July, a price increase that was spread across nearly all parts of the nation.

It’s the fifth consecutive monthly gain reported by the Federal Housing Finance Agency (FHFA), which released the seasonally adjusted figures today. However, today’s report also downgraded a 0.9 percent gain initially estimated for June to a 0.7 percent gain instead.   Despite the rising trend over the spring and summer, the current figures still represent an annual decline of 3.3 percent from July 2010. On a national basis, the U.S. home price index is now at roughly the same level it was in March 2004 and is 18.4 percent down from its peak in April 2007. During the current rise, the U.S. home Read the full post

U.S. home prices will likely take eight to ten years to recover to their precrash levels, if past history is any guide, with significant implications for the overall economy as well.

That’s according to a new report on U.S. housing and mortgage trends from the financial and business analysis firm CoreLogic. Among other things, it suggests that consumer spending, which makes up two-thirds of the economy, will continue to be constrained as long as home prices remain depressed.   The report notes the current downturn and gradual stabilization of home prices is following a similar track to some of the worst regional housing price declines from the late 20^th century. Th Read the full post