Rising Home Prices Hit 20 Straight Months

Financial and consumer data information provider, Corelogic, is excited to disclose information from the Home Price Index report published on December 3rd. Among the various data specifics, the report reveals that its national home price index has confirmed annual gains for 20 consecutive months. Moreover, it indicates that home prices have gone up 11% from October 2012 as well as from September to October by 0.4%. While the housing recovery pushes onward with determination, prices are still -17.3% under their April 2006 maximum. Chances are possibly the greatest in the states that continue to be very far below their peak value in October. These states consist of: Nevada at -40.7%, Florida at -37.4% and Arizona at -31.5%.

The lender notices that the individuals who are entering the application phase now, tend to be the ones keen to enjoy the housing recovery. The housing supply in many cities continues to be limited on account of home owners reluctant to sell their property just yet, which tends to build up demand. Although, the rationale why home owners are unwilling to sell their homes is mainly because a lot remain upside down on their mortgage.

Due to the U.S. Bureau of Labor Statistics reporting that joblessness dropped from 7.3% in October to just 7.0% in November, there is further evidence that the trend of rising home prices will proceed with an uptrend. This drop in conjunction with the fall in unemployment claims suggests more people have employment and may be all set to submit an application for a mortgage. As many people are offered credit to buy a home, prices for houses are greatly powered by demand. To be ready for both rising home prices and the prospect of interest rates rising substantially by Fed policy changing soon, a lot of experts recommend that consumers apply for a home loan the first chance they get.