According to the Federal Housing Finance Agency's House Price Index, there was a weak start to home sales at the beginning of 2014. However, house prices still rose 1.3% in the first quarter of 2014. This is the 11th consecutive quarter with an increase in housing prices. The Housing Price Index increased in 42 out of the 50 states (and in Washington DC) during the first quarter of 2014.
In assessing the annual change in values, the top four states for appreciation were: 1) Nevada, 2) California, 3) Arizona, and 4) Florida. Not surprisingly, we can remember these four states in a lot of reports during 2010-2012... as the four states that had been hit the hardest. Clearly, they were going to see the highest rebounds.
In some reports I have recently read, it is estimated that still today 20% of American homeowners are underwater in their mortgages.
The increase in pricing for the past 11 quarters has been slower and steadier than the craziness we witnessed in 2003-2006... so, I predict that we will continue to see small quarterly increases coupled with some times of leveling until we see that most homes are above water again.
If you are interested in the specific prices of homes that are comparable to yours, please don't hesitate to give me a call or send me an email. I would be happy to research and share the information, to help you get a better picture of where you stand in your home.