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Uh, About those Crystal Balls

Posted To: MND NewsWire

The prognosticators keep prognosticating, but their prognostications don’t happen. Home price appreciation shows no sign of slowing down. CoreLogic says home prices nationwide, including distressed sales, increased in June by 17.2 percent on an annual basis. In May the annual change was 15.4 percent, the greatest increase since 2005. For June’s equal, one must look back to 1979. We risk running out of years. Frank Martell, CoreLogic’s president and CEO says, “Home prices have been rising in the mid-single digits for some years now. The recent surge to double-digit price jumps reflect the convergence of exceptional demand and persistent low supply. With plenty of cash on the sidelines, along with very low mortgage rates, prices are heading up and affordability will become a more acute issue…(read more)

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