Texas has long been a strong housing market with a low amount of price volatility
Chicago, IL (PRWEB) February 14, 2015
Lenders like People Home Equity were pleased to read that home prices increased year-over-year for the 34th consecutive month in December 2014.
According to a recent February 3rd Corelogic article titled "2014 Home Prices Increased 7.4 Percent for the Year", " December 2014 national home prices increased by 5 percent year over year, and decreased 0.1 percent month over month." The decline should be hardly surprising since the national real estate activity is seasonal and always enters a slump in the winter. Even with the marginal monthly decline, prices have risen for 34 consecutive months on a year-over-year basis.
On a state-by-state comparison, "Three states reached new highs in home prices in December 2014. Colorado had the largest home price appreciation at 8.4 percent, followed by Texas at 7.8 percent and New York at 7.6 percent. Nevada had the largest peak-to-current drop in home prices, down 36 percent from its peak in March 2006." People Home Equity, which has a branch location in Denver, frequently informs prospective homebuyers that Denver is a very strong housing market. How strong? According to the latest Denver S&P/Case-Shiller Home Price Index reading of 157.39 the city has broken out to an all time high value. This is 14.64% higher than the index value for April 2006 (137.28) which is what Corelogic calls as the national top in its home price index.
Texas has long been a strong housing market with a low amount of price volatility, buyers in Dallas may not expect much upside in property appreciate, but they can sleep well at night know their home may not drop in value by much either. Dallas was also recorded by S&P/Case-Shiller as reaching all time highers in November 2014 at 16.6% above the recorded level in April 2006.
While prices rose throughout 2014, they varied in terms of pace and location. Corelogic stated, "Looking back, home price appreciation at the end of 2014 moderated compared with the beginning of the year. In early 2014, national home prices were appreciating at an 11 percent year-over-year rate, which slowed to a 5-percent rate by December. At the state level, the year started with Nevada appreciating at 24 percent year over year as prices bounced from the bottom, and ended with Colorado having the highest year-over-year appreciation at 8.4 percent, as that state is experiencing high demand for housing."
Looking forward, Peoples Home Equity thinks prices will continue to rise.
Just yesterday, February 13th, Peoples Home Equity mentioned that it was expected "the number of foreclosure listed properties to drop in number again significantly over the next 12 months" and that this would lead to less inventory on the market thus "pushing home prices even higher!" The lender is probably correct as it also highlighted the fact that "Jobs have enabled individuals to build, or in many cases rebuild, their credit scores and save for a down payment." Corelogic mentioned that "Including distressed sales, prices were still 13.4 percent below the peak in April 2006."
If you are in need of a mortgage, contact a Peoples Home Equity loan officer today at: 262-563-4026.