Home prices: Biggest rise in more than 2 years
Home prices are up for the 2nd straight quarter, the biggest year-over-year increase in more than two years.
NEW YORK (CNNMoney) -- In another sign of a housing market
rebound, home prices posted the biggest percentage gain in more than two
years in the third quarter, according to the closely followed
S&P/Case-Shiller index.
The 3.6% increase from a year earlier is more than three times the
rise in the previous quarter and was the biggest jump in prices since
the second quarter of 2010. But that 2010 rise was much more of a
temporary blip caused by a
homebuyer's tax credit of up to $8,000 on homes purchased in late 2009 and early 2010.
This latest rise comes as the housing market has shown numerous
other signs of recovery in recent months. The rebound is spurred by a
combination of
record low mortgage rates, an
improving jobs market and a drop in
foreclosures
to a five-year low, reducing the supply of distressed homes available.
There is also a tighter supply of both new and previously owned homes on
the market.
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1 comment:
This might be the best time to talk to hard money lenders to get the property individuals wish to buy before prices go any higher.
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