Home prices increase in August 2012
Posted on Thursday, October 4, 2012 at 4:31:28 PM
Real estate experts are touting the improving housing market. According to the research firm CoreLogic, home prices have increased by 0.3 percent from July 2012 to August 2012 - a sixth straight month-over-month gain. The Washington Post reports that property values have risen by 4.6 percent in August compared to one year ago - the largest annual gain recorded in more than six years.
"The housing markets gains are increasingly geographically diverse with only six states continuing to show declining prices," Mark Fleming, chief economist for CoreLogic, told the news source.
The states with the largest price increases during the last year were Arizona, Idaho, Nevada, Utah and Hawaii. In Arizona, the property value increases reached an astounding 18.2 percent. However, not every state featured annual gains - states like Rhode Island, Illinois, New Jersey, Alabama and Connecticut posted declines.
In states or metro areas that have posted significant property value gains, potential homebuyers may have to save more for a down payment on a house and borrow more residential financing. However, the purchase may retain its value and be a smart financial investment for the future.