Home-prices continue increasing nationwide, with many near 2006 peak prices.
Over the last year, home prices nationwide have steadily increased, with four states reporting home prices that matched their 2006 peak prices and twenty-two other states reporting prices within 10 percent of their peaks.
Home prices in Miami Florida have increased as well, giving equity back to homeowners who during the housing market crash found themselves underwater on their mortgages. However, many homeowners have yet to realize the extent to which prices have improved.
"The rate at which Miami Florida home prices have increased this year is remarkable," says Ellen Mitchel, CDPE, RE/MAX Executive Realty. "And the improving market is giving hope to many homeowners who have been struggling over the last few years."
Many factors are driving home prices up, such as more people wanting to buy homes, inventory constraint, and fewer distressed properties on the market.
"Today, more people than ever are looking to buy a home, but there aren't enough homes on the market," Mitchel said. "This is letting homeowners looking to sell ask higher and higher prices for their homes. Today's market is really a seller's market."
As a Certified Distressed Property Expert® (CDPE), Ellen Mitchel is specially trained to help distressed homeowners understand their options. "Struggling homeowners need to know they're not alone and that the recent upturn in the market is providing many with paths out of a difficult situations," Mitchel said. The rise in home prices signals that relief from an unmanageable mortgage may be around the corner.
Ellen has provided a free report entitled "Underwater Homes Reach the Surface" which is accessible from her website, EllenHelpsHomeowners.com.