In a post today from CNN’s “State of the Union” interview with HUD Secretary Shaun Donovan, Bloomberg reports that house prices are unlikely to decline further, and they expect to see a rise in prices in the third quarter.

This is due to the reduction in number of people defaulting on their mortgages, down 40% over the same time last year.

Also, in general, across the U.S., home sales have risen over the past six months. See more details in the Bloomberg article and the CNN interview with Secretary Donovan.

Secretary Donovan said according to the CNN interview,

“Foreclosures are coming down. They’re down about 40 percent since last year,” said Donovan, who joined President Barack Obama’s Cabinet in 2009. “So, we are making progress, but rightly, the American people recognize we’re not where we need to be. We still have a ways to go.”

According to the Bloomberg article,

“Contracts to buy previously owned U.S. homes rose 8.2 percent in May, following a revised 11 percent drop in the previous month, the National Association of Realtors said on June 29. A separate report by the Chicago-based group on June 21 showed sales of existing houses, which make up about 96 percent of the market, declined in May to a six-month low.”

I will be curious to see the Towson real estate market update from June, because here in our area, we did not see increases, like the NAR’s statistics from May.

Contact me for details on your Towson house value, because each neighborhood is retaining or losing value separately.