Your Home Probably Increased in Value This Year — Finally

Your Home Probably Increased in Value This Year — Finally

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.

 

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  • I wish.

    Foreclosures are up in Chicago/Illinois. The economy outside of Chicago City Hall and Mayor Quinn's brain sucks.

    Certain areas will increase, no doubt.

    What is going to happen when the public pension plan comes bouncing back to the local school and other taxing districts? High taxes, plus older housing inventory, in the city and closer in burbs, does not indicate a stellar future. Let's not even talk about demographics.

  • It depends where you are. Where I am, the successor trustees of living trusts decided to sell out all at about the same time. Word also is that they are taking a deduction in the sales price because the buyers want to gut the condo units, but that doesn't show up in the sales price statistics.

    It looks like my property tax assessment will drop again, but I don't think I have any prospect of moving and breaking even for a long while.

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