El Segundo, CA (PRWEB) March 21, 2013
Most consumers planning to purchase big-ticket items hunt for discounts and reduced prices to save money. However, in its latest report GoBankingRates.com finds that when it comes to the biggest purchase of all -- a house -- higher prices can actually be a good thing.
In January, real estate site, Trulia, reported that average home prices throughout the nation were up five percent. While this price increase may be to the dismay of potential homebuyers seeking affordable property, leading source of banking news, GoBankingRates.com, finds that it actually means all Americans can expect more money in the bank – whether or not they're homeowners.
"While rising prices on most things are considered a negative," explains GoBankingRates managing editor, Casey Bond, "a lift in average home prices signals a turnaround in our economy, and thus, a better bottom line for Americans."
For instance, GoBankingRates.com discovers that a rise in average home prices increases the value of property in the U.S. across the board. This rise results in greater real estate wealth, fewer underwater mortgages, and an increase in GDP.
Bond adds, "Home prices may be up, but they're nowhere near the highs we saw pre-crisis. Property is still very much affordable in most parts of the country."
For questions about this report or to schedule an interview with a GoBankingRates editor, please use the contact information below.
GoBankingRates.com is a national website dedicated to connecting readers with the best interest rates on financial services nationwide, as well as informative personal finance content, news and tools. GoBankingRates collects interest rate information from more than 4,000 U.S. banks and credit unions, making it the only online rates aggregator with the ability to provide the most comprehensive and authentic local interest rate information.
Jaime Catmull, Director of Public Relations
Source: Trulia Trends, Asking Home Prices Up 5.1% in 2012, Huge Turnaround After Falling 4.3% in 2011, January 3, 2013.
Photo: Images of Money via Flickr Creative Commons