Second-quarter home prices rose by their largest percentage in at least seven years, pushed by low inventories and high demand for foreclosed properties. Prices rose by 2.5 percent in June from a year ago, and by 6 percent from the previous quarter, reported CoreLogic Inc., a Santa Ana, Calif., data firm, which said the quarterly jump was the greatest since 2005. Freddie Mac said home prices during the second quarter rose by 4.8 percent from the previous quarter, which it said was the largest jump since 2004. The Wall Street Journal said Wednesday the key force behind the gains seemed to be a shortage of homes for sale, reporting that the number of properties on the market was less than a year ago despite an increase in demand because of low interest rates. Prices are rising because "there's not enough supply, given higher levels of demand," Ivy Zelman, chief executive of research firm Zelman & Associates, told the Journal. "With every passing month, distressed homes are being absorbed at better and better prices." New home construction has been at depressed levels for years because of the number of foreclosed properties. That lack of new construction also "has set the foundation for a snap back in pricing," said Michael Sklarz, president of Collateral Analytics in Honolulu.
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:07 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 17:22 2018 Wednesday ,31 October
Russia climbed to 31st place in Doing Business-2019 ratingGMT 16:53 2018 Wednesday ,17 October
"Putin" We need for collective restoration of Syria's economyGMT 14:02 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 18:26 2018 Saturday ,06 October
Dubai attracts Dh17.7 billion in foreign direct investmentGMT 09:02 2018 Friday ,21 September
Economy of Georgia demonstrates "strong signs of recovery"GMT 09:03 2018 Wednesday ,24 January
German investor confidence surges in JanuaryMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor