HomeRun Homes Rent to Own Homes Blog

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HomeRun Homes is a centralized marketplace which helps people Find or Sell a Rent to Own Home, both Nationwide and Globally to the thriving Rent to Own Market. http://www.lease2buy.com

August 31, 2013

What's Up? Home Prices and Sales of Existing Homes

Hi Folks,
   It's great to report this, but guess what's up? The Federal Housing Finance Agency (FHFA) just released their figures for the June 2012-June 2013 time period, and there was a 7.7% increase in home prices. The big winner was the West Coast, which checked in with a 17% gain, followed by the Mountain Region, at 11%. The slacker was the Mid-Atlantic, including New York, which was only up 2.5%. Additionally, the National Association of Realtors (NAR) released figures for the July 2012 - July 2013 time period, and the median price of a previously owned home popped up close to 14%. As for sales, the sales of previously owned homes jumped by 6.5% last month.

   Know what else? Even with these increases, homes are reasonably valued, and they still have room to increase further. Additionally, it's still cheaper to buy than rent, which also bolsters the opinion that housing prices are still undervalued.

   What's going down? Not mortgage rates. That makes buyers nervous and makes them scramble to take action before the rates increase. A perfect example that John W. Schoen points out in his article on CNBC.com, titled, "Home prices across the US defy gravity, despite rising rates", Mortgage applications for both home purchases and refinancings dropped for a second straight week as rates rose, and he cites the Mortgage Bankers Association. "Demand fell 4.6 percent in the week ended Aug. 16 as the rate on a 30-year fixed mortgage rose to 4.68 percent, matching this year's high mark.". In order for people to keep buying homes, credit needs to stay available, and the post-bubble vice-grip needs to be eased further in order to allow folks to get approved.

   So overall, this is some pretty good news !! What are your thoughts?

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Have a Great Weekend, and Happy Rent-to-Owning !
Rob Eisenstein
HomeRun Homes - Rent to Own Homes, since 2002
"Located at the Corner of Technology and Real Estate"
Rent to Own Homes and Real Estate Blog for HomeRun Homes: http://blogging.lease2buy.com
HomeRun Homes Websites: http://www.lease2buy.com and http://www.homerunhomes.com

TAGS: #homeprices #existinghomessales #rates #mortgage applications #refinance #fixed mortgage #credit #bubble

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