The Wall Street Journal is reporting that “Home prices rose by their largest percentage in at least seven years during the second quarter, propelled by low inventories of properties for sale and high demand for bargain-priced foreclosures.” With a continued storage of homes on the market, home prices will see a steady increase. After all supply and demand dictate much of housing markets ups and downs.
Low inventory has been accredited to a number of things. One being investors buying up homes and either renting them out or flipping them for a profit. Another potential reason is that homeowners are “unwilling or unable to sell.” WSJ reports that “More than 11 million homeowners owe more on their mortgages than their properties are worth, meaning they are likely to sell only if they have to move.”
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To read more about the findings head on over to online.wsj.com.