Wednesday, October 26, 2011

Upward creep in home prices

Home prices are creeping upward nationally, according to a CNN report, but they remain substantially lower - as much as 35 percent - compared to five years ago.
The report looks at home prices in the nation's 20 major cities and shows a - hold on! - .2 percent rise in prices in places such as Minneapolis, Atlanta and Chicago.
That may seem like a small margin, yet the gradual increases account for as much as 2.4 percent over time, according to the report.
Overall, however, the market is still floundering and probably will be for a while, according to the report.
"Even though the year-over-year rates are improving, national home prices are still below where they were a year ago," said David Blitzer, a spokesman for S&P/Case Shiller Index which tracks home prices nationally.
The home price report follows recent changes in HARP (the Home Affordable Refinance Program) that are supposed to make refinancing of high-interest mortgages easier.
For more of this story click here:

Ralph Bartholdt
Agent Keller Williams Coeur d'Alene

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