Two-thirds of metropolitan areas across the country are showing price gains and the national median home price in August showed a modest increase.
While some states are seeing increases in foreclosures - many states are seeing a decrease in foreclosures - Utah, Idaho, Oregon, New Mexico, Washington, West Virginia, South Caroling, Montana, Maryland, and Wyoming. These decrease in foreclosures in these states is due in part to strong job growth and continued appreciation of real estate.
Interest rates still remain low making home ownership possible for many first-time buyers and affordable for homeowners. Buyers still have lots of options.
In response to this outrage, the National Association of Realtors issued a press release to remind buyers that housing is a good long-term investment and that it's not a day trading activity. Owning a home is also more than an investment, it's also about building a community and having a place to call your own. And, according to NAR, the average homeowner has seen an increase of 50% in value over the past five years. NAR projects prices to rise about 2% next year, and in the coming years, average home price appreciation should return to historical averages, around 6%.
Jim's rhetoric negatively affects perceptions of local real estate markets when there is no need for a panic. Maybe Jim should stick to the stock market. What are your thoughts?