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Overview Of The Real Estate Market
Total Articles: 30
In the past 12 years, the values of homes for sale throughout the world have risen up to 50%. In certain markets, the prices were significantly higher than the national average. Prices in New York City, San Diego and Miami have increased in the range of 77%, 96%, and 118% respectively. In order to buy a house in the USA, most buyers need to take on mortgage debt. From 2000-2007, the value of total residential mortgage debts was increased to $5 trillion more than the household incomes.
Although the current real estate market prices are rising, the gain in the field is almost stagnant in the year 2014. According to 2013 performance of real estate, it states that “the 2012-2013 was comparatively good years throughout the world. At the end of 2013, there was a 10% gain in the value of real estate.
As per the experts of real estate, namely “Villa Corta“, they expect 2014 house prices to fall with the historical norms. Though the prices are back in line, the economy has not yet showed any strength in growth. They expect home sale prices to revert to the historical growth up to 4% to 5%.
It’s quite important to know that markets either fall above or below the required projections. The housing market is making a gradual growth and recovering from the crash that lead to the rapid decrease in the housing market prices and there is an increasing number of recorded foreclosures, and also under water mortgages as well. The recovery of the real estate market will continue its growth by combining several factors that mortgage rates, factors within the economy, supply & demand, and the number of new foreclosures.
What’s ahead for the Housing Market?
During the year 2013, most of the traditional home buyers were eager to purchase homes on the hope of taking advantage of the affordable home prices and also super low mortgage rates. As the selection was quite limited, buyers were almost in war with the investors, while the sellers enjoyed the reward of quick sales.
Almost half of the cities experienced the double increase in the home prices, led by the city of Las Vegas with an increase of 32 percent. Home buyers who were keeping a close eye on the current home prices came to a conclusion that the prices of the home will definitely rise dramatically in the year 2014 but at a slower and steadier rate comparatively than that of previous trends. The forecast for the capitals of US states is that the prices of homes for sale nationwide will increase up to 5% in 2014.
In the meanwhile, the conference board commission of a non-profit business association says that the percentage of people planning to buy a home for sale is the highest in the coming six months. However, despite the continual rise in home prices, a large percentage of homeowners still owe more than their home is worth.
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