Election and Housing: Is Your Home's Value Better Off?
"Consumers' average home price change expectation is 1.5%, consistent with recent periods and marking nearly a full year in which home price expectations have been positive," according to Fannie Mae's National Housing Survey, released in early October. "Thirty-seven percent of those surveyed expect home prices to go up in the next year, the highest level since the survey's inception in June 2010."
Confidence is up and national home price statistics are up, but 10.8 million, or 22.3% of all homeowners with a mortgage, owe more on that mortgage than their home is currently worth, according to CoreLogic. An additional 2.3 million borrowers have less than five percent equity in their homes, making it very difficult to move up or even out.
Still, all real estate is local, so take a look to see where you might be:
| Miami: | -5.6% |
| Los Angeles: | +3.9% |
| Washington, DC: | +12.8% |
| San Diego: | +6.5% |
| Tampa: | -9.6% |
| Las Vegas: | -23.6% |
| Phoenix: | +1.8% |
| San Francisco: | +14.4% |
| New York: | -8.1% |
| Seattle: | -8.2% |
| Portland, OR: | -8.5% |
| Boston: | +5.0% |
| Minneapolis: | +3.5% |
| Chicago: | -10.2% |
| Denver: | +9.1% |
| Atlanta: | -12.5% |
| Charlotte: | -3.7% |
| Detroit: | +2.2% |
| Dallas: | +7.8% |
| Cleveland: | +0.1% |
| 10-City Composite: | +0.4% |
| 20-City Composite: | -0.3% |
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