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What Issues are Lurking Behind Rising Home Prices?

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An article from DS News

Post-crisis housing market fundamentals have been on the side of what most analysts would consider strong for some time now, and housing prices are near or even past their pre-recession peaks in some markets.

With home prices nationwide having appreciated by 6.2 percent over-the-year in August and showing little signs of slowing, affordability is becoming a bigger problem, according to the CoreLogic Home Price Insights report for August 2016 released Tuesday.

The forecast calls for home prices to appreciate by another 0.4 percent from August to September and by 5.3 percent by August 2017, according to CoreLogic. The HPI Forecast is a projection of what home prices based on the CoreLogic HPI and other economic variables.

“Home prices are now just 6 percent below the nominal peak reached in April 2006,” said Dr. Frank Nothaft, chief economist for CoreLogic. “With prices forecasted to increase by 5 percent over the next year, prices will be back to their peak level in 2017.”

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