The housing market has finally turned!

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“US house prices had their first annual increase in nearly two years as evidence builds that the housing market is finally on the rebound,” reports the Financial Times.

“The S&P/Case-Shiller home price index showed prices up 1.2 per cent in the second quarter compared with a year before. It was the first rise since a shortlived bounce in 2010… On a seasonally adjusted basis, house prices edged 0.9 per cent higher from May to June, above the consensus forecast of a 0.4 per cent rise.”

“David Blitzer, chairman of the index committee at S&P Dow Jones Indices, said: ‘We seem to be witnessing exactly what we needed for a sustained recovery; monthly increases coupled with improving annual rates of change. The market may have finally turned around.’””

Peter Schorsch is the President of Extensive Enterprises and is the publisher of some of Florida’s most influential new media websites, including SaintPetersBlog.com, FloridaPolitics.com, ContextFlorida.com, and Sunburn, the morning read of what’s hot in Florida politics. SaintPetersBlog has for three years running been ranked by the Washington Post as the best state-based blog in Florida. In addition to his publishing efforts, Peter is a political consultant to several of the state’s largest governmental affairs and public relations firms. Peter lives in St. Petersburg with his wife, Michelle, and their daughter, Ella.