Home Prices Increase

I’ve been talking about this for the last couple of months and now there are statistics to back it up. Home prices are back on the upswing. Still riding the fence wondering if the market is going to keep going down. Watching to see if the consumer confidence and spending starts to pick up. What more do you want? In a couple of months it’s going to be what was I thinking and why didn’t I take advantage of the opportunity. If you don’t act soon you’re going to miss out on $8,000 tax credit, low interest rates and the cream of the crop in terms of homes available at super discounted prices. Just like the “cash for clunkers” program time is running out to take advantage of the tax credit.
The monthly index of 20 major cities increased 1.4 percent from May to June to 142, the second straight month the index registered a gain. All but two cities, Las Vegas and Detroit, saw home prices rise, and Dallas and Denver clocked their fourth-straight monthly increase.
Of course, homes should be selling. Prices have fallen more than 32% from their peaks, set in the summer of 2006. Plus, mortgage rates near historic lows makes the cost of purchasing a home lower than they’ve been in nearly 20 years. That’s great news for those families that have been shut out because of the price of Real Estate in certain markets.
In the Seattle area, prices of existing homes were up slightly, 0.4 percent from May to June, but down 16.1 percent from a year earlier. Now remember the housing market is not all of a sudden going to take off and correct itself like it did in the late 90’s early 2000’s. It’s going to take time, how long, I’m not sure but I can tell you that if you get in now it will be well worth it in the end.

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