Good News? A little, but don’t get too excited

Some appear to be buoyed by news that home prices rose in the first quarter. However, a couple of articles looking behind the numbers don’t find much solace in the report.

US News & World Report lists 5 reasons to not get too excited about this latest report, including the fact that new homes are sitting on the market for 11.8 months on average, an all time high.

The WSJ Developments blog quotes the founder of the cited home price index expressing great reluctance in forecasting if this is a turning point. Some insightful comments in this post.