Since late 2006 home prices had been falling, but in May 2009 they took a turn for the better with their first increase in 3 years. This trend has continued as quarterly gains were achieved again in January 2010, according to Clear Capital's Home Data Index (HDI) Market Report, making it the eighth consecutive month of quarterly gains and the first national year-over-year price increase since 2006, pushing the yearly home price increase to 2.3%.
"It's great to see the year-over-year positive gain in national home prices continue into 2010 the pricing stability we saw the last half of 2009," said Dr. Alex Villacorta, Senior Statistician, Clear Capital. "The stabilization in prices is significant in that it has occurred despite near record levels of unemployment and REO saturation."
With this recent rise in home prices, it is becoming increasingly clear that the end of the "buyer's market" of the past few years is closer than ever before. The doors are closing on this opportunity of a lifetime and, if you've been hesitant to jump into the market, it's time to get off the fence and pull the trigger (pardon the abundance of clichés).
Carpe Diem homebuyers!
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