This is MarketWatch news break money news from Wall Street to main street to your street from the newsroom of the MarketWatch radio network on John --
And I'm in Kate's ahead on the show house the price of your home doing we'll hear from David Blitzer from standard and poors in the latest Case Shiller Index.
The population look at California which has sustained a very strong rebound after being one of the worst it spot in the country. And the real dyed in the wool pessimists who wanna gamble and look at that's Vegas which continues to be one of the worst if not the worst off -- in the country.
And we'll have the daily news nugget and will be talking about prairie dogs and woolly bear it. After these headlines I'm Steve Potisk in the MarketWatch radio network newsroom on Tuesday August 31 home prices are working their way higher for a third straight month. Standard and Poor's says its Case Shiller Index finds that in June the average home price rose better than 4% in twenty major cities. The city with the biggest growth San Francisco which saw a 14% increase in home prices. Las Vegas continues to show the most weakness with prices down 5%. A lot more on this report coming up shortly with absentees David Blitzer. All prices may be showing some signs of recovery but they remain a lot lower in most areas and they used to -- and mortgage interest rates are historic lows. But that doesn't mean everything related to buying a home is chief. A survey by Bankrate dot com has found that fees including four appraisals credit reports closing or settlement attorney and surveys. There on the rise on average by 37%. From last year. Consumer moods improved in August with the business research group conference board saying it's index rose to a reading of 53 and a half from 51 and July. Analysts had been looking for a dip in confidence. Lynn Franco the director of the conference board's consumer research center says the short term outlook did improve but consumers remain apprehensive about the future. I'm Steve Potisk and you're listening to MarketWatch news break.
I'm Tracy -- and as you just heard a home prices in the twenty cities measured by the standard and poors Case Shiller Index. Have turned modestly higher in June and in the second quarter of the year compared to a year ago. I spoke to David Blitzer and the chairman of the index committee at standard and poors and he says there's a downside to this upswing in home prices.
These data are in June and that's when they government. -- program for first time home buyers which is winding down. There have been some less optimistic reports about the housing industry for the month of July.
So now we just have to wait and see how how -- this index is going to pan out how do you think it's going to look.
But vehicle at the country there lottery dealerships going on. On the opposition look at California which has since they've been very strong rebound after being one of the worst it artists it. Spot in the country. On those -- or more pessimistic might look at Florida especially Tampa where home prices don't seem to be making much progress. And the real dyed in the wool pessimists who wanna gamble and look at Las Vegas. Which continued to be one of the worst if not the worst -- sitting in the country.
Never and Las Vegas were it not only same month to month and dips were seeing year over year as well.
That's right and that was an area that had huge amounts of overbuilding. And these in the result. With the overbuilding that -- when a lot of creative mortgages that with a bit more creative and we would like it after the fact. And we're also seeing problems nationwide. Unemployment remains high. I'm mortgage money is our -- and potential homebuyers and to be pretty at this.
And then we have -- a large amount of for closures supposedly another foreclosure wave coming up this year.
That's right it's very difficult to tell it's a lot of anecdotal data and it's island local and it seemed it depend on. At -- local politics or local banking practices but there is clearly. A long way to go before we it has all the foreclosures. Although it mortgages that are delinquent and bury it now the problem of housing and fortunately. As a way to go before it gets back to normal. One good spot though is that the numbers cities -- racial home prices to income. -- moved back to the trend level that you being and you were behind on we're. Are far higher than they should event and then collapsing back down and that's to get that only an area. We're beginning it. It back -- and sense of normality.
When you think though that with. Price that homes becoming more affordable at these price jobs and and -- mortgage rates so low when you think that that will actually start to make a difference and Thompson house.
I think it in my -- is it is going to be a slow process over the next -- to. I'm home prices won't turn around and go straight up and in fact that they remain fairly stable that would be and it'd be accessible. In the long run home prices -- tiny bit better than inflation but not substantially. So buying a home is not a fantastic. Rapid fire investment. On -- he's he get it. In a -- detectives held against inflation but not a whole lot more.
Days long time thank you some desperate times certainly appears it thank you David Blitzer at the chairman of the index committee at standard and poors.
Thanks Tracy sounds like this marriage of good news there and the that's a highly technical terms men -- there -- mention isn't. I guess when it comes to the real estate market you can plunk down your money and hope for the ban him might still be a while before things get straightened out and more on plunking down your money a sports betting web site. Scores in this tough economy what are the odds of that.
College football and the NFL are kicking off new seasons. And many fans will be trying to score information to help them better games. One of the biggest sites for such info in its biggest insider dot.
Com college and pro football combined probably make up about 60% market.
Vegas insiders Peter gold says historically in times of financial crises. People often turn to things like gambling and the current economic troubles have been good for his site -- seek.
Army took it and return our traffic and are the number of users coming to foresight and registering. Has increased and has grown to record levels.
And gold expects more growth during the upcoming football season a.
Good ballpark estimate is probably about thirty to 40% growth and that's primarily into two key areas in traffic to the site and any commerce revenue.
But gold says that does not mean everyone uses Vegas insider will eventually ban on games. For MarketWatch news break I'm Steve for.
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We're talking about mom and pop roadside attractions like the world's biggest ball of twine things like that not the big. Things like Paramount Kingston animate these little small amounts and your family -- easily. Businesses and unfortunately because of the recession. Is people tend to take highways now some of them. Have either closed -- there -- for example prehistoric forest on Lake -- that is up for sale. Along with prairie dog town near Oakley Kansas so if you're in the market for something like that time on the mountain -- Who needs a second home knew exactly who needs a second I -- just by prairie to a town. Still there are some survivors of this is John. He most recently solved the world's biggest -- that you. And Fergus falls Minnesota and nobody can tell you that that sounds like Steve -- news guy whom Nancy he saw that but also some of these survivors that are doing okay that the national mustard museum. And Middleton Wisconsin but. A pencil sharpener museum and carbon -- Ohio tumbling and the museum of salt pepper shakers in -- tennis you know this sounds.
Like a great time we can just get in the MarketWatch radio network RT Ian and tore around we could do reports on this I know -- likely to places like that they're they're usually very interesting. -- I prefer going to restaurants but. That's me that's. That's the daily news nugget cheese and Kate's son John were not in this have been MarketWatch news break we're on here.
