Home prices rise toward end of 2012
Posted on Wednesday, January 23, 2013 at 4:44:40 PM
The prospect of purchasing property became slightly less affordable toward the end of 2012, but potential buyers may be able to utilize one of Home Loan Investment Bank's mortgage comparison charts to ensure they get the most affordable loan possible.
During November, property values appreciated 0.6 percent from the previous month, according to a report from the Federal Housing Finance Agency. Meanwhile, on an annual basis, prices appreciated an estimated 5.6 percent.
Although prices experienced considerable improvement, they were still roughly 15.2 percent below where they were prior to the real estate bubble burst, the report said.
Sharp home prices declines in recent years left more than 15 million homeowners upside down on their home loans. This meant they owed more money on their mortgages that there properties were worth.
However, the trend of rising home prices help bring more than 1.3 million borrowers out from under the thumb of negative equity in the third quarter last year, according to data analytics firm CoreLogic.
Despite the improvement, an estimated 22 percent of all mortgage properties are still underwater, which can make transactions such as selling a property or refinancing a difficult task.