Friday, June 14, 2013

Home Prices Continue to Climb

U.S. Home Prices have continued their pattern of accelerated increases, jumping the most in seven years according to real estate data provider CoreLogic.  The national 12% jump, unfortunately, meant that Michigan, at 7.6% higher than a year ago, lagged the national market gains.  Those percentages are based on prices now compared to prices one year ago.

An increase in buyers is welcome news, and fewer homes are on the market.  That's partially because the worst of the foreclosure glut is now behind us, I believe.  However, banks will now be more likely to go to foreclosure quicker if they can recover their money as home values increase, which could impact home values negatively.

So things are generally looking good.  Michigan could use a little bit better recovery, but I can tell you from personal observation that prices are definitely up and absolute steals are getting harder and harder to find.

Here is a link to a Free Press article on the subject.

http://www.freep.com/article/20130604/BUSINESS04/306040054/Home-prices-CoreLogic