Chicago, IL (PRWEB) April 29, 2014
Lenders like Peoples Home Equity are happy to announce that home prices nationwide have recovered to within 13.5 percent of their peak reached back in June 2006. According to the Black Knight Financial Services on April 28th, Data and Analytics Division, Home Price Index (HPI) improved to 233,000 which is pretty to the 270,000 HPI that was the pre-crisis peak.
This increase in HPI was mostly raised on the improvements of ten states which had greater readings than the national monthly average of 0.7. States with higher than average HPI were Colorado, Missouri, the District of Columbia, Texas, and Illinois. Meanwhile smaller improvements were shown in Ohio, Vermont (prices unchanged from February), Arkansas (prices went up for 0.1 percent), and Connecticut, Maryland, Kentucky, New Jersey, and Massachusetts (each 0.2 percent increase in their HPI).
According to the data, home prices have continued higher since their peak in 2006 and increased their HPI levels virtually every month since. Texas broke a record in February with $188,000 HPI and Colorado set a new high of $259,000. Besides these two states, other places like Florida and Arizona are still below the national averages.
San Jose and San Francisco contain eight of the ten most improved metropolitan areas leading at 2.6 and 2.2 percent gains. Other cities with metropolitan areas that showed improvements raging from 1.4 to 1.8 percent were Santa Rosa, Vallejo, Modesto, Stockton, and San Louis Obispo and Oxnard, some of them by even breaking through with monthly increases of 1.7 and 1.5 percent.
These prices present an increase of 7.6 percent from March 2014 with an HPI of $217,000 and a 0.7 percent increase from February. Peoples Home Equity believes strong real estate improvements will be shown in the San Francisco area, yet other metro areas such as Las Vegas, Phoenix, and Miami will continued gains in the coming years.
If interested in securing a competitive, lower rate mortgage, consider speaking with a Peoples Home Equity loan officer today details at: 262-563-4026.