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Home Prices Drop Slower, Economists Break Out Champagne

Good news, everyone! Or, as the case may be, less bad news: the S&P/Case-Shiller index marked a lower drop in home prices in June than had been predicted. Which apparently means that while we're far from out of the hole yet, perhaps we may once again begin to consider taking out a hefty subprime loan or two. (Kidding!) Allow an economist to explain: "The sharp freefall in prices is over. People are entering the market and that is starting to normalize prices. It’s a clear positive." On top of that, existing home sales in July were higher than they've ever been in two years. (It's been a bad two years, hasn't it?) According to Bloomberg, we have lower prices and the federal stimulus to thank for bringing new buyers into the fold.
· Home Prices in 20 U.S. Cities Fall Less Than Forecast [Bloomberg]
· Home Sales Are Looking a Little More Alive [Curbed SF]