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Though home prices have been rising at their fastest since 2005, HomeValue.us.org predicts the growth may slow and even turn south in 2013.
Chicago, IL (PRWEB) January 11, 2013
HomeValue.us.org shares that due to constant governmental bickering over the borrowing limit and federal spending, the housing market may slow. This could mean even more foreclosures, slowing of growth in home prices, and more regulation with lower loan interest rates.
According to CBS News, "Rising home prices are good, but the more important metric to focus on is sales volume. In Chicago, one of the markets continuing to struggle to emerge from the specter of the recession, home sales are still down about 20 percent from 2006, according to the Illinois Association of Realtors."
Though some rising house prices in some markets across the U.S. are good, they are still down at least 25 percent from high records and foreclosures are still rampant in the market, says CBS. Foreclosures will continue to bring down neighborhood values and more and more banks will be forced to auction off properties.
There will also be more litigation over foreclosures since the government signed another $8.5 billion deal with banks on their foreclosure practices, according to CBS. There will be millions in bank fines, fees and settlements.
HomeValue.us.org sees the slow in the market happening already with short sales increasing and foreclosures still plaguing neighborhoods. Hopefully there will be an upswing in the market but as of now it's still a buyer's fortune.
Look up the value of any home on HomeValue.us.org and learn more information like neighborhood safety, school systems, residential foreclosures, sex offender locations and more. HomeValue.us.org provides an easy and cheap solution to find out property values and other important home owner records online. Contact the company's customer service department at 1-866-434-4253.
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