Home prices stongly rebounded in 2013. More than 3 million home owners regained equity that was once long-lost, according to CoreLogic’s latest MarketPulse report.
“We’re encouraged by the improvements of the past year and have every reason to be cautiously optimistic about continued progress in 2014. That said, monitoring the current and potential headwinds the industry faces is critical,” says Anand Nallathambi, president and CEO of CoreLogic.
More than two-thirds of all homes with a mortgage now have at least 20 percent equity, giving home owners more options in the housing market in the new year and increasing their employment mobility.
Still, 6.4 million residential properties have negative equity, and a third of those are concentrated in five states: Nevada, Florida, Arizona, Ohio, and Georgia.
Some of the biggest jumps in home prices over the last six months has occurred in Chicago and Raleigh, N.C., CoreLogic reports.
In the ENTIRE Chicagoland area, single family home prices rose 11.3% in 2013 vs 2012.
In our local real estate market, we saw these increases:
Naperville: 7.2% increase in Median Sales Price
Oswego: 4.3% increase in Median Sales Price
Plainfield: 8.4% increase in Median Sales Price
Aurora: 17.6 increase in Median Sales Price