Home prices in the U.S. rose in 20 cities in the month of October. It was the biggest increase in seven years signalling a rebound according to the S&P/Case-Shiller index of property prices showing an increase of 13.6 per cent.
Gains in the U.S Real Estate market were due to a lack of foreclosed properties thus restricting the supply for home buyers pushing up resale prices even as mortgage rates were cooling demand for these homes.
Home owners will now see their financial situations rise as the value of their own homes begin to rise creating a positive value to the economy.
Miami homes were up by 1.9 per cent month over month followed by Atlanta and Detroit 20 both up by 1.8 per cent.
Property values rose in all 20 home areas with Denver showing the least increase of just 0.3 per cent.
Las Vegas homes showed the largest year over year results with a 27.1 per cent gain, with Chicago showing a 10.9 per cent gain in home values, the biggest advance since 1988.
Iris Li is a Remax Condos Toronto Realtor specializing in both new and resaleToronto Downtown Condominiums. and Toronto Homes for sale.
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