Home Price Increases Widen in September, Sales Weaken

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This spike in home prices is probably an anomaly as prices are expected to level off through the winter with a more modest growth trend starting next spring. For a more detailed look at this subject – please read the article below.

The FHA Condos Approval Company, Inc.

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After taking a break in the summer, home price growth got back up to strength in September, according to statistics reported by DataQuick in the company’s monthly Property Intelligence Report. Other metrics, however, weakened.

DataQuick, a specialist in property information and decisioning solutions, reported price growth “resumed at a rapid rate in September and spread to all” of its 42 reporting counties on a monthly, quarterly, and yearly basis.

With the exception of July and August, DataQuick says home price growth has spread consistently around the country in the last 12 to 18 months, with all reporting markets seeing growth “in excess of their long term average.”

Gordon Crawford, Ph.D., VP of analytics for the company, says the impact of this growth can be seen in all aspects of housing.

“Some immediate implications to look for include an increase in home price listings and overall sales as homeowners with negative equity are gradually swept toward a position of positive equity, a decrease in foreclosures as homeowners have the equity to sell and avoid default, and an increase in demand for home equity lines of credit as borrowers look to tap into increased equity from home price growth,” Crawford said.

Other consequences DataQuick says to look out for: “[C]ontinued single-family rental demand driven by decreases in home affordability, sustained risk of home price corrections and stringent mortgage credit standards, and an increase in purchases by investors” driven by the two preceding factors.

To read the complete article please use the link below.

Home Price Increases

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