Looking for snippets of good news in the real estate market, I has happy to see that the Federal Housing Finance Agency (FHFA) just announced that US House prices increased .2% from the 2nd quarter of 2009 (seasonally adjusted). Over the past year, from the 3rd quarter of 2008, housing prices have declined by 3.8%. There was no change from the price index from August to September, 2009.
Analysts at FHFA, while cautiously optimistic that this data could indicate a stabilization in the US housing market, also point out that high unemployment and a rise in mortgage payment delinquencies and foreclosures could forestall a housing recovery in the near future.
But, all real estate is local, and I'd like to share the FHSA data from NC and SC home prices, both of which are better than national averages!
North Carolina is ranked #16 in the nation in one-year recovery at -1.35% (US is at -3.76%). For the 3rd quarter of 2009, NC home prices rose .02%, and for 5 years, NC home prices rose 18.8% (US average is 4.55%). Since the 1st quarter of 1991, NC home prices have risen by 96.76%! Charlotte, NC remains a great place to buy real estate.
South Carolina is ranked #11 in the nation in one-year recovery at -.66% appreciation (US average is -3.76%). For the 3rd quarter of 2009, SC home prices rose 1.14%, and for the past five years, SC home prices have risen 14.12% (US average 4.55%). Since 1991, SC home prices have risen by 81.31%.
There's a wealth of housing data in the FHSA report. Click here to read the report and view the nice graphs and tables.