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Home Prices to Level Off Soon, Says CoreLogic

Posted by: In: Real Estate 03 Apr 2014 Comments: 0 Tags: ,
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Home owners have been enjoying big home price rises across the country, but those increases – often by double-digit percentages – will likely level off soon, according to CoreLogic’s latest Home Price Index, which reflects February data.

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The index, which also includes distressed sales, was up 12.2 percent in February compared to year-ago levels. That marked the 24th consecutive month for annual home price increases, according to CoreLogic’s index.

“As the spring home-buying season kicks off, house price appreciation continues to be strong,” says Mark Fleming, CoreLogic’s chief economist. “Although prices should remain strong in the near term due to a short supply of homes on the market, price increases should moderate over the next year as home equity releases pent-up supply.”

The National Association of Realtors’ most recent existing-home sales report showed that the median existing-home price for all housing types was $189,000 in February, a 9.1 percent rise over February 2013. “Price gains have translated into an additional $4 trillion of housing wealth recovery over the past three years,” Lawrence Yun, the NAR’s chief economist, said in a statement picked up by Mortgage News Daily.

According to CoreLogic’s …read more

Source: Realtybiznews

    

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