Home prices are slowly increasing throughout the United States. The price of homes sold in October of 2012 was 4.3% higher than homes sold in October of 2011. This is the largest year over year increase in more than 30 months. Although in most major American cities the price of homes increased during the 12 month period from October 2011 to October 2012, this did not apply to New York. Unfortunately, home prices have decreased in the past 12 months in the State of New York.
Housing Recovery
There is a housing recovery taking place in most of the country. Unfortunately this recovery is not taking place in New York. It is still too early to look at the data concerning the impact of Hurricanes Sandy on the housing market in New York. Although many New Yorkers lost their homes or their homes were badly damaged during Hurricane Sandy, it is too early to reach a conclusion on how this will impact on the New York housing market.
Fiscal Cliff and Home Prices
It is expected home prices will continue to increase slowly throughout the country if Congress and the President solve the issues regarding the fiscal cliff crisis. When home prices rise, potential purchasers have been sitting on the sidelines start to think to themselves, “well, should I get back into the real estate marketplace now?” Potential buyers are always looking for the lowest possible price.
Mortgage rates in the 3% range are very attractive to potential home purchasers. The construction of new homes continues to expand in the United States. The confidence of home builders rose in December 2012 for the 7th straight month. The confidence level of home builders is at the highest level it has been in 6 ½ years.
About the Author
Elliot S. Schlissel, Esq. and his team of dedicated attorneys represent individuals with regard to foreclosure problems, mortgage modifications and all types of real estate issues.
