Remarkable Year-on-Year Increase in U.S Real Estate Prices
I believe that home prices in the United States have completed their gradual recovery from the crash of the housing market. Evidenced by a 7.4% increase in home values in 2012 in comparison to the same period a year ago. This increase was recorded as the most notable year-on-year rise in the past six and a half years. CoreLogic is also betting that there will be an increase of 6% in 2013.
The prices of homes in the U.S were higher in November 2012 when compared with November 2011 in 44 states in the country. And only thirteen of the hundred large cities under study at CoreLogic reported declines in year-on-year prices. Compared to 20 cities noting a decrease in October 2012. The most significant increases were recorded in Nevada, Idaho and Arizona. California and North Dakota were also among the states that witnessed remarkable increases.
The recovery of the housing market in the United States is being fueled by the steady increases in home prices. People are being encouraged to sell their homes with an assurance that they will receive fair price and buyers are being enticed to make purchases before prices rise further. Increasing prices also decrease the number of mortgage-owing homeowners whose mortgages are more expensive than their homes. CoreLogic’s CEO Anand Nallathambi said that the housing market is making positive strides and is expected to recover sooner rather than later.
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