Home sales in the Dayton area climbed 11 percent in October, but the average price of the homes sold fell nearly 5 percent from October 2012 — a signal that area sale prices may have peaked.
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THREE REASONS WHY THIS MATTERS TO YOU
1. Is your mortgage still underwater? As home values rise, more mortgage borrowers will regain equity. However, home values are not expected to fully recover until 2018.
2. There’s expected to be a slower rate of home value appreciation going forward as the housing market gets further away from the crash. Thus if your mortgage is underwater, it will take longer for the value of your house to rise.
3. Not underwater? This still impacts you. The housing market is tied closely to overall economic growth, and historically high levels of negative equity above 20 percent nationwide means those people upside down on their house aren’t spending as much money as they could.