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Home prices finish 2012 on strong note

Posted on Wednesday, January 16, 2013 at 3:31:34 PM

A surge in home prices toward the end of 2012 could help grow the national property inventory in the new year. Should this occur, there could be a significant rise in residential lending activity during the course of 2013.

Property values across the country spiked 7.4 percent in November of last year from the same time in 2011, according to a report from CoreLogic. Meanwhile, on a month-over-month basis, prices edged 0.3 percent higher.

“For the first time in almost six years, most U.S. markets experienced sustained increases in home prices in 2012,” said CoreLogic president and CEO Anand Nallathambi.

Although the housing market has a long way to go to return to levels experienced prior to the real estate bubble burst, the sector continues to stabilize, Nallathambi added.

But even if prospective buyers have additional options as 2013 moves forward, the Consumer Financial Protection Bureau's recent release of the Qualified Mortgage rules will require consumers to ensure their finances are in top-shape before they approach a lender about a home loan.

One step they can take is ordering a copy of their credit report sand scanning it for any errors that could be unfairly lowering their score. If they find any, contacting their lender and the credit reporting bureaus could get their financial standing back to where it deserves and ensure a successful home loan origination process.