Home Prices Increase by 12 Percent Year-Over-Year
Chicago, IL (PRWEB) March 08, 2014 -- Corelogic released its latest Home Price Index report on March 4th. The release which covers home price changes for January 2014, reveals a 12 percent increase in year-over-year home prices. CF Funding is happy to share this news as it is further proof of recovering equity in American homes. This marks the 23rd straight month of year-over-year home price increases.
Unfortunately, home prices remain 17.3% below their peak in April 2006. However, economists expect home prices to continue to rise in 2014 as the economy improves. Luckily for homebuyers, mortgage rates are still low which means it is still a great time to buy a home. As CF Funding has reported previously, the winter weather was said to have impacted home sales last month. However, it did not have much effect on home prices. According to Dr. Mark Fleming, Chief Economist for CoreLogic, “Polar vortices and a string of snow storms did not manage to weaken house price appreciation in January. The last time January month-over-month and year-over-year price appreciation was this strong was at the height of the housing bubble in 2006.”
Expectations for February included a 12.5 percent increase on a year-over-year basis, or a 10.4 percent increase excluding distressed sales. As president of CoreLogic Anand Nallathambi said in the report, “Nationwide price growth like this should continue as the market comes out of hibernation for the spring buying season.” CF Funding agrees with this prediction and expects to see the economy continue to improve in Spring 2014.
The largest year-over-year home price gains were seen in Nevada and California, with a 22.2 percent increase in Nevada including distressed sales and a 20.3 percent increase in California including distressed sales. Nevada still remains about 40 percent below its peak value, but 22 states and the District of Columbia have either reached their peak values or are now within 10 percent of their peak values. The Chicago-Naperville-Arlington Heights metropolitan area saw a 12.6 percent increase in single family home prices, or an 11.6 percent increase excluding distressed sales. CF Funding is happy to see the equity returning to homeowners locally, as the lender has offices in Naperville and Plainfield. The state of Illinois also saw a 9.9 percent increase in home prices over the past 12 months (excluding distressed sales, Illinois saw an 8.8 percent increase.)
Prices are expected to keep rising in 2014. If you are looking to buy a home, contact CF Funding today to achieve the lowest possible home prices and interest rates. Call (620)328-8900 today for a free preapproval. For more information on the CoreLogic HPI report, visit http://www.corelogic.com.
Giorgio U Ferrero, CF Funding, +1 (847) 338-6062, [email protected]
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