Expand Your Education with These Courses from
Becoming a Successful Sales Professional: Skills for Sales Success: Part One.
Negotiating Skills: Skills for Sales Success: Part Six.
Accredited Buyer's Representative.
Bundle 2: CIPS Elective Courses (Non-US Version).
Bundle 2: CIPS Elective Courses (US Version).

Obama: ‘Housing Market Is Beginning to Heal…Home Prices Rising at Fastest Pace in 7 Years’

Have a comment on this article? Share on Facebook!

By Zoe Eisenberg

“These principles closely mirror the outline presented by the National Association of Realtors® to the administration in early 2011,” Thomas stated. “NAR believes these principles will contribute to the long-term stability of our nation’s housing market and provide consumers with access to affordable mortgage credit, even during economic downturns.

“As the leading advocate for homeowners, Realtors® remain steadfast in our efforts to preserve the government guarantee in any restructured secondary mortgage market to ensure the continued availability of safe, reliable mortgages such as 30-and 15-year fixed-rate loans, Thomas continued. “In a fully privatized market, many middle class Americans and individuals on fixed incomes would be unable to access affordable credit or be forced into adjustable-rate mortgages pinned to interest rate variations after a limited term. These homeowners, faced with potentially dramatic rate increases, could experience payment shocks that rattle their financial stability, which also impacts mortgage markets and the greater economy.”

Obama chose Phoenix for the location of his speech, as it was one of the markets hit the hardest in the real estate drought, and is currently on a rapid rebound. This made the city an ideal stopping point for the president to publicly map out his plan for keeping the housing market on the upswing and leading the nation further into economic recovery.

Since 2011, when Phoenix’ market crashed hard, the city has made large strides toward recovery. As of June 2013, according to a recent CoreLogic report, Arizona was one of the five states with the highest home price appreciation, landing at 16.2 percent. The Phoenix, Mesa and Glendale markets came in at a 17.1 percent increase for single family homes, including distressed property, and 14.7 percent excluding distressed. Home prices nationwide, including distressed sales, increased an encouraging 11.9 percent on a year-over-year basis in June 2013 compared to June 2012, according to the June CoreLogic Home Price Index (HPI®) report. This change represents the 16th consecutive monthly increase in home prices nationally.

Continue Reading 1 2 3

Have a comment on this article? Share on Facebook!

Join RISMedia on Twitter and Facebook to connect with us and share your thoughts on this and other topics.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Copyright© 2016 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.

Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com

Our Latest News >>