U.S. home prices rose for the third month in a row in July, new data Tuesday showed, more proof a fragile housing recover is underway.
Home prices are now at levels not seen since the third quarter of 2003.
There are still several risks to the national recovery, including rising unemployment and foreclosures and the expiration of a tax credit for first-time homebuyers.
First-time homeowners can qualify for a tax credit worth 10 percent of the purchase price, up to $8,000, but it expires December 1st. Find out if you qualify now before it's too late.
Sales of newly built homes are up 30 percent from the bottom, but are off about 70 percent from the peak of four years ago. Sales of previously owned homes are nearly 14 percent higher, but are still down nearly 30 percent from their peak.
What does all this mean for you? This is the perfect time to buy a home for qualified borrowers. Get prequalified now by clicking here and getting your free, no obligation rate quote.
Until next time, take care!
Jessica Enriquez
Senior Mortgage Planner
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