Starter home prices rising faster in housing crunch

Starter homesCollateral Vision

The Spring 2016 homebuying season will soon mark the sixth year into the housing recovery. With steadily rising property values and homeowners’ equity, the housing market continues to regain its footing while mortgage delinquency and home foreclosures are falling to all-time lows since the 2007 housing downturn.

Early estimate shows the average home price in April reached $231,000, up 7.4% from the same period a year ago. At the current pace of the recovery, this spring and summer will soon mark the first time that home prices will rise above the 2006-2007 peak levels.

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