The largest increase in home prices were seen in Arizona and Hawaii, which reported a 21.3% and 13.2% rise, respectively
Chicago, IL (PRWEB) February 19, 2013
The Federal Savings Bank notes that the housing market continues to show improvements both throughout 2012 moving into 2013. With home prices increasing and foreclosures decreasing across the country, momentum is growing positively for housing. To participate in this positive trend, The Federal Savings Bank urges individuals to take advantage of current sub 4% interest rates and refinance or get a mortgage.
This week we may get a confirmation of this improvement with existing home sales being released on Thursday, February 21st. Home sales data has surprised to the upside for 3 of the past 5 months. According to the most recent existing home sale report in January, was a miss probably due to super storm Sandy affecting thousands of home sales on the east coast. While home prices declined before Sandy in 2012 (0.2% decline from Sept-Oct) overall prices increased by 6.3% in 2012.
With increasing buying activity now is a great time for both first-time homebuyers and homeowners to take advantage of the current low interest rates. Interest rates are currently at decade lows. First-time homebuyers are entering the market and The Federal Savings Bank is seeing applications increase. The bank specifically encourages veterans to apply for VA loans as benefits include a low down payment, and possible lower rates. Homeowners should also take advantage of the low rates because it could save them thousands. For more information visit: TheFederalSavingsBank.com