The most recent national real estate market report shows that home prices continued their increase through August 2011. This makes five straight months of increases although home prices are still below the level at which they were at the same time last year.
The CNN Money report states that home prices edged up 0.2 percent for the month of August while they were down 3.8 percent from the same point last year.
Even so, the year-over-year rate is improving greatly as the market continues to recover.
The Obama Administration also recently announced the Home Affordable Refinance Program, which makes it easier for current homeowners to refinance their homes and avoid defaulting on their loans. Although this does not have an affect on home sale prices, it is a move in the right direction for the real estate market.
We will continue to keep you updated on national and Eastern Tennessee housing data as it becomes available. Bookmark the Coldwell Banker Wallace & Wallace, REALTORS blog for more market and local event information.