As 2011 ended on a high note with an increase in sales for previously owned homes, mainly attributed to first-time home buyers, and mortgage rates remaining near record lows it seems as though nondistressed home prices have bottomed out since they only fell 0.5 percent this past year.
Despite this good news, home prices will not increase by much in 2012. Some economists predict that national home prices will remain unchanged over the next two years before seeing a positive increase.
As home prices appear to have reached their bottom and supply seems to be declining, banks are starting to ease up on their lending standards. However, some economists caution that these positive signs are not indicators of an immediate recovery but it is a beginning.
As the housing market improves in 2012, now is the time to also improve your protection by starting to use Property I.D. as your NHD report provider. Property I.D. provides the real estate industry with the most complete and accurate natural hazard disclosure report available anywhere!