According to the latest data from CoreLogic’s Home Price Index, the rate home price appreciation is in a current trend of deceleration. It is clear there have been increases on a year over year basis, October seeing a 12.5% increase nationally from one year ago. Since April, however, there has been a clear trend of deceleration in price increases on a month over month basis.
There was only a 0.2% increase reported between September and October of this year. This slowing of price appreciation is consistent with a slower winter housing market. Mortgage News Daily reported Dr. Mark Fleming, chief economist for CoreLogic as stating, “Based on our pending HPI, the monthly growth rate is expected to moderate even further in November and December. The slow down in price appreciation is positive for the housing market as almost half the states are now within 10 percent of their respective historical price peaks.”
Rates and home prices are expected to continue increasing in the coming year. For those in a good position to return to home ownership after foreclosure, this current slowing of price appreciation presents a good opportunity for those who can find a property for sale. There are programs in place through FHA, VA, Portfolio Lenders, and Fannie Mae/Freddie Mac available to those seeking to purchase again after foreclosure or short sale.
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