Despite some speed bumps here and there, good news continues to roll into the housing market. Builder confidence is up, interest rates are down and now prices are on the rise. Overall, home prices in the U.S. rose 0.5 percent year over year in June, according to the Standard & Poor’s Case-Shiller home price index. The steady rise in prices have helped in the recovery of the market
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President Obama said this week that the housing market is “beginning to tick up.” But, it’s still got some ways to go. With the November elections just around the corner, the housing market, a key component of the economy, will be an important issue in the run up to the polls. Homeowners continue to feel the pinch as prices remain weak and the industry continues to struggle
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Despite housing market woes inflicted by unemployment, falling home prices and foreclosures, there’s some uplifting news. Loan rates remain at record lows, continuing to entice potential homeowners with the deal of a lifetime. That hasn’t unleashed a drove of buyers into the market. At least, not yet.
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Is it really wise to refinance or buy a home now, or will mortgage rates drop lower? The Federal Reserve talks about being dedicated to keeping mortgage rates down, and a few experts say there is the possibility that interest rates could dip slightly before going higher. However, we have already been enjoying record-breaking low mortgage rates for quite awhile.
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