Thursday, August 14, 2014 - Article by: Prospect Financial Group, Inc. -
Every month S&P Dow Jones Indices releases a Case-Shiller Index. This report measures the change in homes' values in 20 U.S. cities. The May 2014 Case-Shiller Index showed growth in all of the recorded cities. The total growth in May was 1.1% nationwide. Home values this year are up 9% on an annual basis. Below are the top gains by city.
Tampa, Florida+1.8%San Francisco, California+1.6%Chicago, Illinois+1.5%
The rise in home values, however, is here to stay. The Case-Shiller Index is not the only place where home prices seem to be on the rise. The National Association of REALTORS also agrees that home prices today are the highest since the beginning of the year.
Rising home values aren't making a huge impact on home affordability. This is because mortgage rates are still low; currently the lowest in the last 14 months. Not only this, but there are still programs that allow low down payments, or none at all.
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