If you have been paying attention to real estate prices lately, it should be no surprise that they have been on a strong uptick this year. There is lots of chatter that this sudden gain in prices mean that we are headed for another real estate bubble. This is not the case according to CoreLogic. CoreLogic, a leading residential property information, analytics and services provider, released its July MarketPulse report. The report highlighted the following key findings:
• According to CoreLogic the market is not experiencing a housing bubble, and the rise in mortgage rates will help to prevent one in the future.
• Housing affordability is near its height due to historically low interest rates and home prices.
• According to the housing affordability index, all but two states are affordable today, and most states are near their recent affordability high points.
• Cash sales peaked above 40 percent two years ago and are slowly receding.
• Cash sales are one of the drivers behind the rapid house price recovery.”
Bubble or not, the increases have been a welcomed change for sellers and have caused some buyers to wonder if they missed an opportunity.