National Home Values
June 15th, 2010
Written by Greg Frost
Categories: Economy, Home sales, Homebuying, Mortgage News
The housing market continues to do battle with strong headwinds. Unemployment hovering at the double digit levels, disruptive appraisal requirements, more challenging loan underwriting and in many areas, foreclosure or distress sales exerting their negative influence. On the bright side, for buyers, lower prices combined with historically low interest rates have pushed true affordability to record levels. Here are a few other points to consider:
- While falling values predominate across the country, there are only six states where values fell by more than 10% over the last year.
- Unlike other investments, housing puts a roof over your head. That has always been its primary function. Yet, along with that benefit it is still an investment and in comparison to most others, it has compared favorably. Over the last 5 years, the vast majority of states still show positive appreciation with half even showing double digits. The same can not be said for the stock markets.
- Over time, home prices across all states have risen at average annual appreciation rates ranging from the high 3’s to over 7.5%.
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