Thanks to a recent report we know that home prices have continued rising across the United States by double digits year-over-year.
The CoreLogic report shows that for 24 consecutive months home prices have been rising including the sale of distressed homes.
As we move through 2014 home sales is expected to remain strong but CoreLogic predicts that home prices should start slowing as home equity is expected to release pent up supply.
CoreLogic also reported recently that foreclosures have declined by 35 percent in one year and the shadow inventory has continued to decline across the United States as well as cash buyers and investors have been able to purchase homes at rock bottom prices.
What Does This Mean For You?
With fewer foreclosures on the market compared to previous years and low mortgage interest rates you can expect to see conditions in the Real Estate market mirror what we saw back in 2008.
Although conditions in the Real Estate market can be considered “normal” that doesn’t mean that you should sit on the “sidelines” if you’re thinking about buying a home because, CoreLogic also recently predicted that home prices are going to rise by as much as 9.3 percent in March and possibly more in April.
Mortgage prices are also gradually rising and not pre-qualifying for a home loan now means that you could pay thousands of dollars more over the lifetime of your mortgage loan.
For more information on the latest Real Estate news, or to view Bend Oregon homes for sale, contact me today by calling (541) 383-1426 or click here to contact me through my website.