Property prices rise slightly in August

Individuals looking for property in the US may be interested to learn that residential prices in the country recorded a slight rise in values during August.

Average real estate values crept upwards by 0.4 per cent over the course of the month and almost reversed the 0.7 per cent fall that was seen during September, figures from the Federal Housing Finance Agency show.

However, statistics released by the US Census Bureau and the Department of Housing and Urban Development show that sales for new homes have reached a yearly low.

Reports also show that foreclosure filings increased from last year in 65 per cent of metropolitan statistical areas tracked in the third quarter of the year.

“The underlying problems that are causing homeowners to miss their mortgage payments … are continuing to plague most local housing markets. And these historically high foreclosure rates will continue until those problems are resolved,” said James Saccacio, chief executive officer of RealtyTrac. 

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