Home Prices Rebound to 2003 Levels

More good news about the real estate market came yesterday when RISMedia reported that  home prices nationally had rebounded to 2003 levels.  That is the year started its journey towards the 2006 peak.

“Single family housing starts are well ahead of last year, existing home sales are up, the inventory of homes for sale is down and foreclosure activity is slowing”, said David Blitzer, chairman of the Index Committee at S&P.

The recent S&P/Case Shiller national home price index showed that prices rose for the 3rd consecutive month in all 20 major markets followed by the index.  This also marks the first month that prices were higher than they were the previous year.

While Jacksonville is not one of the 20 markets followed, two other Florida cities hard it by the real estate crises, Miami and Tampa, were noted as having made dramatic comebacks.  It appears that great pricing and low interest rates are finally helping turn the real estate market around.

Here is a link to the S&P report.

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