Good news for homeowners: The Wall Street Journal reported, citing two different sources, that home prices are on the rise for the first time in several years.
Anchored by a decrease in inventory, national home prices rose 2.5 percent in June compared to last year, according to CoreLogic Inc. The quarterly increase was 6 percent, the largest the firm recorded since 2005.
Freddie Mac also reported a 4.8 percent surge nationally in the second quarter, its largest jump since 2004.
The figures are among the most promising data in relation to home values in several years, particularly the decrease in inventory. Although the distressed property inventory is still high in Chicago, this summer signaled a welcome return of multiple-offer situations and competitive bidding on real estate due to fewer listings.