Home Prices Flat in Nov. but up 14% from Prior Year

Home Prices Flat in Nov. but up 14% from Prior Year

Marc Demetriou Real Estate and Money Show

The S&P Case-Shiller house price index edged down a bit in the month of November but prices are up nearly 14% from a year ago.
Despite the 0.1% decline in November, the Case-Shiller 20 cities index showed its “best November performance since 2005,” according to S&P’s index committee chairman David Blitzer.

House prices usually decline in November as winter approaches and home buying slows down.

Nine of the 20 cities in the Case-Shiller HPI posted price declines in November. At the same time, five of the 20 cities posted consecutive monthly price declines in November and October. They are Atlanta, Chicago, Denver, Seattle and Washington. Chicago experienced the largest percentage drop as prices fell by 1.2% in November and 0.5% in October.

The 14% increase in the prices over the past 12 months will encourage more homeowners to list their homes for sale this year, he says.

Auction.com executive vice president Rick Sharga noted that much of the rebound in house prices in 2013 occurred in the hardest hit markets where investors bid up the prices of distressed properties. But that will change this year.

“With less distressed inventory coming to market, and being less discounted when it does come to market, that factor will play much less of a role in 2014 home prices, which suggests that we shouldn’t see nearly as much appreciation this year as we did in 2013,” Sharga says.

By Brian Collins of National Mortgage News
JAN 28, 2014 12:26pm ET

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If you can’t tune in live you can always go to the website and listen to the recorded podcast at a later date. All the past shows are posted.

Now is the time to consider locking in your floating arm loan or converting the floating rate line of credit into a fixed rate. Additionally, it is a great to buy knowing that home values are continuing to trend higher.

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Current loan amount, mortgage rate and product

Desired loan amount, desired mortgage product (fixed or arm) and term (length of time ie: 15, 30…)

Approximate value of home

Single family house or condo

Primary residence, second home or investment property

State property is located in

If you have any additional questions, please don’t hesitate to contact me anytime.

Sincerely,

Marc

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Marc C. Demetriou, CLU, ChFC
Residential Home Funding Corp.
39 Main Street | Bloomingdale, NJ 07403
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About Marc Demetriou

Marc C. Demetriou is a successful entrepreneur, businessman, and motivational speaker. In August of 2005, Marc partnered with Residential Home Funding Corp. and opened his first branch office in Bloomingdale, NJ where he assists both commercial and residential clients with their financing needs. Marc is preparing to expand over the next several years with additional branch offices throughout the Tri-State area.