. San Francisco and Tampa Bay were the best month-over-month performers at 0.78% and 0.76%.
Chicago, IL (PRWEB) December 31, 2014
Lenders like Peoples Home Equity were disappointed to see that the S&P Case-Shiller Home Price Index slowed for the 10th consecutive month in October.
According to the latest S&P Case-Shiller Home Price Index report, released on Tuesday, October 29th, the year-over-year seasonally adjusted national index for the 10th consecutive month from 10.8% in December 2013 to 4.6% in October 2014. While this decline is disappointing is does signify some benefits. A slowing of home price growth will give first-time home buyers a chance to still purchase a home a value. The S&P Case-Shiller National Index remains -9.5% below its peak in July 2006. Up to this point the advance in the S&P Case-Shiller Index has been due to a combined lack of financing made available and real estate inventory for sale. Peoples Home Equity believes 2015 will be great for the first time home buyers since both financing will become available thanks to higher credit scores due to a nationally lower unemployment rate and a continuation of low mortgage rates into the New Year.
Apart from the National Index there were many markets of interest that either outperformed or underperformed. San Francisco and Tampa Bay were the best month-over-month performers at 0.78% and 0.76%. Other good performers were Denver and Miami at 0.49% and 0.42%. Meanwhile Chicago experienced a large -0.98% fall in October which may have been caused by stock market volatility. Other laggards were New York and Cleveland at -0.52% and 0.66%.
In total 8 cities experienced their index values rise month-over-month, while 12 city indices fells.
Looking forward, all city indices should perform well next year as the government continues to assist in the court to get foreclosed homes listed and sold. First-time home buyers will be eager to buy a home based on the rent savings alone, but also because they know the Federal Reserve will be raising rates soon.
Peoples Home Equity wishes everyone a wonderful holiday season and a Happy New Year. If in need of a mortgage this winter season, contact a Peoples Home Equity loan officer today at: 262-563-4026