NAR: Home Prices Up
According to the National Association of Realtors (NAR), prices are up for existing homes, a proven indicator of future housing demand. The NAR is reporting an 11.7% rise in September of this year from the year before in national median existing-home price for all housing types. This brings this number to $199,200 for September 2013.
This data was taken from realtor.com and shows strong growth in what were lagging cities in the U.S. housing market. Detroit, Las Vegas and Sacramento are all up more than 28% from the year prior. In other good news, the median time on the market for homes was 50 days, which is down from 70 days just a year ago. With increasing prices and quick turnarounds for home sellers, there is a lot to look forward to in 2014.
Mortgage Requirements Loosening According to the Wall Street Journal
Here's some good news coming out about the U.S. housing market. According to the Wall Street Journal, home loans are now being made available to a wider group of potential homebuyers than in the recent past. Data released by Ellie Mae shows that the average credit score of people who received a mortgage was 732 in September of this year. It was 750 the same time the year before.
The loosening of restrictions on home loan applicants is a welcome sign and hopes are that more individuals will be likely to apply for a mortgage. In September, 32% of successful mortgage applications went to those with scores under 700. This is up from 17% from the year before.
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New Rankings for Entrepreneur's Franchise 500
National Property Inspections and Global Property Inspections have some big news for 2013. In Entrepreneur annual Franchise 500 list, National Property Inspections ranks 375th out of all franchises. That’s not all, RedHotFranchises.com has NPI at 12th in its Hot 100 Franchises for 2013 list.
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