There are vast differences in the housing price rates of increase not only from state to state but from county to county within the same state. The Standard and Poor’s / Case Schiller 20 city price index is really just a snapshot based on incomplete data but it shows average year on year price rises of 12.2% to May 2013. The lowest price rises within the 12.2% average were as follows:
When we place the highest and lowest gains side by side, the average increase becomes less meaningful and it could even suggest that buyers are looking for sunshine over big city living when they buy a second home. This is in part due to higher mortgages, up by about 1% higher than a year ago, fewer investment properties sold and fewer short sales and foreclosures hitting the market.
While the US economy has improved after considerable fiscal stimulus and is like a barometer for the housing market showing the outlook is fair to moderate in the immediate future. Only catastrophes and getting into conflicts leading to wars is likely to cast a shadow over the recovery and I for one believe that savvy investors can pick the areas for top dollar returns on their investments.
What do you have in mind? Do share us your thoughts…
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