Home Values Rose Q3 2013

As MHProNews previously reported Jan. 7, 2014, home prices in the U. S. rose 11.2 percent in November, and CoreLogic says they rose the same amount for the third quarter 2013, as compared to last year. The report, which measures price trends in over 380 markets, reveals prices were 17 percent higher than the trough of Aug. 2011, but remain 26 percent below their peak in the first quarter of 2006.

“Double-digit price gains are unlikely to persist, but since housing is far more affordable now than it was in 2006, there is less concern that a new housing bubble will occur,” Dr. David Stiff, principal economist for CoreLogic Case-Shiller, said in the report. “As of the third quarter of 2013, the ratio of median mortgage payment to median family income was at a 40-year low and 35 percent lower than it was at the peak of the bubble, even after accounting for recent increases in prices and mortgage interest rates.” While foreclosure sales continue to fall, home price values are expected to slow to 4.2 percent nationwide, according to worldpropertychannel.com, close to its long-time annual rate of 4.5 percent.

(Image credit: etftrends.com)

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