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Home Prices Continue to Improve in 2012
|As many prospective buyers may be waiting for home prices to drop to begin their home search, increasing numbers suggest there have been improvements on the housing market front.
Wednesday, August 22nd, 2012
As many prospective buyers may be waiting for home prices to drop to begin their home search, increasing numbers suggest there have been improvements on the housing market front.
The Federal Housing Finance Agency's monthly House Price Index for May reveals that U.S. house prices rose 0.8 percent from the previous month. The April increase of 0.8 percent was revised down to a 0.7 percent increase, but home prices remain considerably higher than this time last year. Prices have increased 3.7 percent from May of last year, but the index is still 17 percent below its peak reached in April 2007.
While rising prices may not seem ideal for potential buyers, it is one economic factor that supports the idea of a thriving housing market by 2013.
Data from the week ending July 19 reveals that the average rate for 30-year fixed-rate mortgages fell to a new low of 3.53 percent while the average for 15-year FRMs went down to 2.83 percent.
Those interested in making the investment are urged to do so before the end of the year, as both rates and home prices are predicted to increase a significant amount while the rest of the economy stabilizes.