Housing Prices are on the Rise!!
May 8, 2013
For the month of February, a 20-City Composite Index showed a year-over-year increase in home prices of 9.3% from February, 2012 to February, 2013. This represents the highest year-over-year increase since May 2006.
You may have heard that The Fed has been buying Mortgage Backed Securities
in order to drive the bond prices up and interest rates down. This has been helping the housing market as rates stay low. There is talk the Fed may stop this Mortgage Bond purchase program. As you can imagine, this will cause a spike in rates. The activity in the housing market is growing fast and you better be a part of it before house prices climb and pull rates up with them.
Vice President, Towne Mortgage
600 22nd Street, Suite 302
Virginia Beach, Virginia 23451
Direct: (757) 241-0858
TowneBank - A Tradition of Hometown Banking
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