Good News For Housing, Property Values Rise In November

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Peoples Home Equity comments on the last release of CoreLogic's Home Price Index report.

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For investors and home buyers alike looking for value, Nevada real estate prices showed the lowest tough from its November peak at -40.5% below.

Peoples Home Equity is proud to echo news from Corelogic that housing prices increased in November, which is the 21st consecutive month of year-over-year gains. The lender emphasis the importance of applying for a mortgage based on the current price appreciation environment.

Corelogic's latest Home Price Index report, released today, January 7th states that home prices rose 0.1% in November. Property values were shown to have increased 11.8% year-over-year. Despite the yearly growth, national home prices remain 17.6% below their April 2006 peak. For investors and home buyers alike looking for value, Nevada real estate prices showed the lowest tough from its November peak at -40.5% below. Interesting, it was also Nevada that showed the great price appreciation over the past year at 25.3%. Other states showing value below their November peak were: Florida at -37.3%, Arizona at -31.4%, Rhode Island at -29.4%, and Illinois at -24.5%. All states posted a year-over-year rise in home prices expect Arkansas which saw a -1.1% decline. As for metropolitan areas, 96 out of 100 also experienced a year-over-year rise.

While the monthly gain of just 0.1% is marginal readers should know that housing valuations have largely been bid up by investors which are running out in this limited inventory environment. Peoples Home Equity expects to see another round of rising home prices once first time home buyers get more involved in the market. When will that be? The lender believes the market may see more first time home buyers enter the market as soon as next summer. As unemployment continues to decline more young Americans will become employed/re-employed giving them a chance to apply for a mortgage and purchase a home. Indeed, the motivation to apply for a home loan is apparent now; home prices and mortgage rates are rising. The more individuals wait to apply for a mortgage the more they are at risk of purchasing a property at a higher price and loan payment.

Please contact Peoples Home Equity loan officer today for mortgage details at: (855)-897-0300

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Giorgio U Ferrero
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