What’s up with home prices?

You don’t need to be a statistician to know that real estate agents and mortgage lenders in Raleigh were busy in the 4th quarter of 2011. I had lunch with Newbridge Bank lender Pat Wynn yesterday and he said he hasn’t been this busy in about a year. Ask around to friends you know in the business and you’ll probably hear the same thing.

What does this mean for home prices? Nothing yet. CoreLogic and Lender Processing Services (LPS) released recent home price data on Wednesday. CoreLogic released their Home Price Index (HPI) for January and LPS released their report for December. Both reports show that prices are continuing to drop.

All those sale contracts we were busy with at the end of the year are closing at prices that coincide with prices in September 2002. The lowest in 10 years. The good news is that both reports show that the rate of decline is less steep than previous years.

You can look at our Triangle MLS and see that there are two groups of homes for sale: One group is selling and another is not. Selling your home is a challenge and any real estate agent you are working with needs to understand pricing strategies to lead you to success.

Read the full article from Mortgage News Daily: Two Surveys Show Home Prices Lowest in 10 Years, Down 31% Since Peak in 2006

I have not kept up with my reporting in recent months but I’m back baby! I’m excited the market seems to be moving again and in my opinion, the right things are happening for us to get back to normal. The dark days are not behind us, but it does look like there is hope.

Thanks for reading-