Home values rose again in April, indicating that both the economy and the housing market are in full recovery mode. Prices climbed 12.1 percent from one year ago in the 20 major cities surveyed by Standard and Poor’s Case-Shiller Index a 2.5 percent increase in those cities since March.
April marked the fourth consecutive month that the surveyed cities had positive year-over-year returns, showing the recovery is “broad-based,” said David Blitzer, chairman of S&P’s Index. Blitzer said the continuing housing recovery is due in part to the fact that banks have eased credit restrictions.
The higher prices and higher mortgage interest rates have not slowed demand for home purchases. The Mortgage Banker’s Association reported that although refinance applications have dropped due to the higher mortgage rates, purchase loans are up. “This indicates that homebuyers are not yet dissuaded by the increase in mortgage rates,” said Mike Fratantoni, vice president of research and economics for the MBA.
Jed Kolko, an economist for the online real estate listing service Trulia, said that sharp price increases reflected a rebound rather than bubble.
The summer season traditionally sees an increase in home sales, and that factor along with a positive outlook from economists and real estate experts, should keep lenders and Notaries busy well into the fall. If you want to expand your income opportunities, consider becoming a Notary Signing Agent.