The market has been volatile in the last few months as the Federal Reserve continued its rate cuts and uncertainty looms over.
A prospective home buyer, left, is shown a home by a real estate agent in Coral Gables, Florida. getty images mortgage rates have been falling steadily since the last week of April, and that may be reigniting home price appreciation. The lower the rate, the more purchasing power buyers have.
The median home value across the country is now $198,000, 1 percent higher than peak value hit in April 2007, according to the April Zillow® real estate market reports. the greatest drop in.
July Housing Market Update. According to NAR, home sales rose 9% nationwide, while days on market (-8%)and listings dropped (.4%) in July. July is usually not a big month for real estate sales so an 8% price may predict even higher price rise rates in the fall. nar believes home prices will rise 9% YoY.
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How do rising home prices contributes to low mortgage delinquencies? when house prices are rising, the gap between what a borrower owes on a home and what the home is worth widens. Lenders will allow borrowers who have difficulty making payments on their mortgages to tap this built-up home equity to refinance their loans and lower their payments.
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Rates are down from the mid 6% range in 2006, allowing some to refinance and others to purchase a home at a much lower cost. As a rule, falling mortgage rates should help to boost real estate prices given the lower cost associated with financing the purchase.
However, prices typically drop in the fall, Hale says. The types of homes sold tend to be smaller, as families needing larger abodes are more likely to buy in the summer before the kids start school.
Falling mortgage rates can do only so much Lower rates will help buyers stretch — but there are other forces pushing down real estate prices. By Les Christie, CNNMoney.com staff writer
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