National Home Price Index Up In 2nd Q But Still Down Year-Over-Year

31 Aug

WHILE HOME PRICES ARE LOW, LOOK TO TRADITION FOR ASSISTANCE IN FINDING A MORTGAGE

The U.S National Home Price Index increased 3.6% in the second quarter of 2011, but the index is still posting a decline of 5.9% over the same period last year.

As CBS News reported last night, average home prices are at a level comparable to 2003 levels across the nation.  With prices and mortgage interest rates so low, they asked, why aren’t people buying?

The answer seems to lie in the difficulty people are having in securing a loan.  Qualifying credit scores required for many lenders have jumped by 100 points.  Well qualified, buyers, however, should overcome their fear of the market and purchase their dream home at a price that is now within reach.

Buyers over age 62 should look into a reverse mortgage (HECM For Purchase).  No income or credit qualifications are currently required. 

Call Karen at Tradition Title Agency today for the name of an experienced loan officer who can help with any type of financing.

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