Posted 7:32 PM 6/6/2012 : House prices up for first time since 2006
One of the biggest factors in the national economic meltdown was the housing bubble that burst. We have seen record foreclosures and home prices dropping for the past 4 years, but finally, a turnaround-housing prices finally beginning to inch up.
Experts say it's because the foreclosure crisis is coming to an end as banks are releasing the last few foreclosed homes back onto the market. These discounted homes have dragged down market prices for the last 5 years. Another factor driving up home prices is a smaller inventory which means a higher demand. Homebuyers say this is the perfect time to house-shop. "Prices have bottomed out and are starting to come back up, but because the interest rates are so low, you can end up with more house than you would have been able to 5 years ago," said new homebuyer Mark Stanforth.
And for those who can't afford a house right now, realtors expect this buyer's market to last at least the next two years.